You have options when shopping for Lexington, KY renters insurance. We’re glad you’ve taken a moment to review our Lexington, KY Renters Insurance Guide. We write these guides for major cities because education is one of the largest barriers to more Americans being insured. Only forty-four percent of renters have Kentucky Renters Insurance, and that’s mostly because they don’t know it exists or they think it costs too much.
The Effective Coverage 2017 Renters Insurance Challenge is about expanding knowledge and helping renters understand their insurance needs, to get that number up above 40 percent. By standing behind our core values and working to bring Lexington, KY renters insurance to everyone who rents, Effective Coverage is working to protect Americans in ways they didn’t even know were available.
Keep reading for answers to the most frequent questions about Lexington renters insurance. If you still have questions, call or click and one of our friendly renters insurance experts will be happy to help you.
Lexington, KY Renters Insurance
What Does Lexington, KY Renters Insurance Cover?
Renters insurance in Lexington, KY covers the standard perils such as fire, theft, vandalism, and most water damage. It does not generally cover accidental breakage of your own property, such as a cell phone.
Why Is My Landlord Requiring Renters Insurance In Lexington, KY?
There are a few reasons. The first is that he wants his asset (the apartment) back in the same condition he leased it to you. Requiring liability coverage in the form of Lexington, KY renters insurance is a good way to make this more likely. If you cause damage through your negligence, there can be coverage under your policy. Sure, your landlord has insurance, but his deductible might well be $25,000 or more. Do you want to pay that out of pocket?
Another reason is that, for reasons unknown, many tenants think that the landlord is required to replace their property in the event of a theft or a fire. We’re not sure where this misconception came from, but we’ve responded to it before (Is my landlord responsible for my property?, What can I do if my landlord won’t replace my property?, among other posts.) By requiring residents to maintain Lexington renters insurance, landlords are helping to prevent that misconception and to reinforce that residents are responsible for insuring their own property.
Additionally, if a guest is injured on your premises, renters insurance in Lexington can respond to that. This is important because if a guest trips over a toy your child left lying about, it’s most definitely not your landlord’s fault but he’d be dragged into the matter. Medical payments to others coverage as well as liability coverage on your Lexington renters insurance protect you and also will defend you against such claims should it be necessary.
True Or False: Renters Insurance In Lexington, KY Covers Mold?
True, partially. There’s often a small limit for this coverage. It’s generally excluded and then endorsed back on automatically as part of the standard policy package. You have to act quickly, though, if the coverage is present.
You have a duty to mitigate the damage. That means working to stop it as soon as you become aware of it. If the mold is due to continuous or repeated leakage or seepage of water, it’s excluded because you knew or should have known about the problem before mold came about.
True or False: Lexington Renters Insurance Costs Too Much
False! Renters insurance in Lexington, KY actually trends a bit below the national average of fifteen dollars a month. For most people, that’s just the change in their pocket over the course of the month! Collect that change in a jar, and pay your renters insurance every month.
Of course, you have to get the policy first, but Effective Coverage can help you put together the perfect Lexington, KY renters insurance policy for your needs at the perfect price.
True Or False: Renters Insurance In Lexington Only Covers Those Named On The Policy
False! While a roommate needs to be named on the policy, many of the people who commonly share a home do not! Named insured means the named insured, resident spouse, and resident relatives. Policies frequently specifically include those under 21 who are in your care, as well.
True Or False: Freezing Is Covered Under Renters Insurance In Lexington, KY
True! Generally, freezing of plumbing, heating, air conditioning, or sprinkler systems is a covered loss. There is a caveat, however. It is incumbent upon the insured to take reasonable steps necessary to keep the residence heated. You can’t turn off the heat in January and go away for the weekend and expect for the water damage from those frozen pipes to be covered, because you actively turned off the heat before leaving. If, however, the heat simply stopped working through no fault of your own, the freezing and water damage would likely be a covered loss.
True Or False: All I Have To Do After A Loss Is To Notify The Company And They’ll Pay A Claim On Lexington Renters Insurance
False! You have a number of duties after a loss. Notifying the company is the first step. Not all of these duties are usually required of you, but they could be.
- Give prompt notice of the loss to the company
- Notify the police if the loss is a theft
- Notify the bank if the loss is a theft of a credit or debit card
- Do what is necessary to stop further loss and protect the property
- Prepare an inventory of personal property showing quantity, description, value, and amount of loss, along with substantiating documentation such as receipts if and where available. Bank statements or credit card statements showing the purchase, or even photographs may be acceptable substitutes. Note that some categories of personal property do not generally need to be itemized or proven. “Six pairs of socks” would not require documentation unless they’re spun from gold.
- Show the adjuster the property if applicable
- Submit to examination under oath, where applicable
- Send a signed, sworn proof of loss with further details, when requested
You must do these things in order to have your claim paid, if they are requested. It’s important to note that not all of them are always required, and that some may not apply in all circumstances.
If you still have questions about renters insurance in Lexington, KY, reach out to the renters insurance experts at Effective Coverage!
Renting In Lexington-Fayette, KY
Lexington is the second largest city in Kentucky, and known as the Horse Capital of the World. Close to half a million people call the Lexington area home, with an average home price of $209,774 and an average monthly rent of just $622. You can see why so many people choose to rent here, it makes so much more financial sense than purchasing a home, given the disparity between average rent and average home price.
Ranked in the top fifteen states in the country for literacy, and in the top ten for residents with bachelors degrees or higher, Kentucky has a great deal to offer. Lexington also has a strong economy, with a broad base of technological and government positions. Forbes has called Lexington one of the top five cities for business and careers. Major local employers include Xerox, Lexmark, Lockheed-Martin, IBM, and many other large corporations. The US Postal Service and Amazon both have a strong local presence, as well, and that combination is probably not coincidental.
This is a great city to live in, but don’t forget your Lexington, KY renters insurance from Effective Coverage!