Insurance companies look out for their own interests, so you should have someone looking out for yours. When you file a claim, you expect the insurance company to honor the policy that you have with them. Unfortunately, they are adept at finding ways to underpay, deny, or delay your claim. Trying to stand up to an insurance company on your own is usually a costly, time-consuming, and fruitless undertaking. They have armies of attorneys working to protect their bottom line, and the less they have to pay you, the more they get to keep for themselves. The most sensible and successful approach to ensure that you receive full compensation is to enlist the help of a renters insurance attorney.

Call Us At (214) 308-2027

Based in Dallas & Houston, the team at Grisham & Kendall, PLLC has been helping people throughout Texas, Oklahoma, Florida, Arkansas, and Colorado with their insurance claims for more than fifteen years. Being a small firm allows us to provide more personalized service to each of their clients. Unlike most law firms, we believe every client is important enough to work with one of our founding partners. Every client we serve is assigned one of our founding partners who will be available to that client throughout the legal process.

The following are some important things to consider before purchasing a renters insurance policy:

• Create an inventory of your belongings, and estimate their combined value so that you know how much you need in coverage.
• Get rate quotes from several companies to compare costs.
• Buy only from licensed insurance agencies or companies.
• Consider the financial strength and rating of the insurance companies you are choosing from.
• Answer questions from insurance companies truthfully to get the most accurate picture of possible coverage.

There are generally two types of renters insurance policies: named-peril policies and all-risk policies. For both types of insurance, there is a cap at which the policies will not cover any amount over that specified dollar amount. Similar to other types of insurance, both types of renters insurance policies use deductibles and pay you after you reach your deductible if property is lost or stolen.

• Named-Peril Policies: Also called specific-peril policies, they cover the loss of property only from the events listed in the policy. For example, a policy may list theft, earthquakes, and tornadoes; but if a hurricane hits, you will not be covered by the policy.
• All-Risk Policies: Also called comprehensive policies, they are more expensive than named-peril policies. They cover every kind of loss unless there is a certain event listed that they wish to exclude.

If you are renting a home or apartment, there may still be a need for insurance. While homeowners have a need to cover the costs of potential damage to the structure of their home, such as roof leaks, broken windows, fire damage, and more, renters do not need to worry about these things because they do not own the home, and damage like that should be covered by the actual owner’s insurance. The landlord’s insurance does not, however, cover the renters’ personal property or certain accidents that occur on the property they are renting. With renters’ insurance, renters may be able to secure coverage for these incidents.

If you have renters’ insurance and an incident has occurred that should be covered but your claim has been denied or underpaid, you may need the help of a qualified attorney. The Dallas renters insurance attorneys of Grisham & Kendall, PLLC, have years of experience helping renters get the payment they are due when their insurance company fails to stand by their commitment.

There are typically three types of coverage offered by renter’s insurance:

• Personal Property: This type of coverage offers to replace or repair personal property that is lost or stolen up to a certain dollar amount as indicated on the policy. This coverage often extends to traveling and will cover luggage and other personal items that may go missing when you are abroad. There are often limits to the amount of compensation allowed for types of personal property. These limits are dependent on the terms listed in your policy, such as $5,000 for jewelry, $500 for personal papers, and $100 for cash. You can also purchase additional coverage if your personal property is valued more than the limits laid out on in your policy.
• Loss of Use: This type of coverage offers living expenses for a specified period of time if you have to vacate your residence. If a natural disaster strikes your home and renders it unlivable for a period of time, for example, this type of coverage provides you with money for food and rent for a specified period of time as outlined in your policy.
• Personal Liability: This type of coverage protects you from being held liable if someone is injured in your home. People who operate businesses out of their homes find these policies especially helpful to protect themselves from claims or lawsuits filed against them in the event of an accident.

Renters’ insurance does not need to cover the actual building, because that property does not belong to the policyholder. However, it can cover the following:

• Losses incurred by theft or robbery
• Property that is damaged or lost in a fire
• Medical expenses for those who are injured on the property
• Temporary living expenses if the apartment or home is being repaired

Actual cash value is what most insurance companies use to reimburse you for lost and stolen property. They take the initial value of the item and factor in depreciation and your deductible to arrive at what the actual cash value is for your property. For instance, if you had a 10-year-old bicycle stolen, the insurance company would deduct a certain amount for depreciation over 10 years from the initial value of the bicycle. This type of policy would not give you enough money to replace the bicycle you owned.

For a higher premium, you can choose a replacement-cost policy that offers you the amount needed to replace the item. This type of policy would give you enough money to replace the bicycle you owned. Replacement-cost policies often implement caps on how much they will pay for items, and after a certain amount, they will only offer actual cash value.

Many apartment renters make the mistake of thinking their landlords have insurance on their complexes. While it is true that they may have certain kinds of insurance, such as protection in case a building burns down, it is unlikely that the items inside the building (the renters’ belongings) will be covered as well. Renters’ insurance exists to protect an apartment tenant’s property from theft, fire, or other disasters.

If your renters’ insurance claim was denied and you feel as though the insurance company acted in bad faith, the Dallas & Houston renters’ insurance lawyers at Grisham & Kendall, PLLC, are prepared to help you to seek the benefits which you are due. Contact us at (214) 308-2027 to schedule a consultation with an experienced Dallas, Texas renters insurance attorney.

Averaging approximately $19 a month, renters’ insurance is relatively inexpensive. Apartments in areas with higher crime rates are more expensive to cover. Ground level apartments are more costly to cover than apartments on the second story or above because they are more likely to be broken into.

In the unfortunate event that you need to make a claim on renters’ insurance, it helps to have some evidence of the items you lost. Keep receipts for expensive items in a safe place can help you prove your claim later on. Photographs of your belongings can also be submitted as evidence. If your renters’ insurance provider denies your claim despite your bookkeeping, they may be acting in bad faith.