What is additional living expense coverage on a renter’s insurance policy?

Posted on October 28, 2024October 23, 2024 by admin

At Heimgartner Insurance Inc. in Sioux City, IA, we understand that many renters mistakenly believe their landlord’s homeowner or commercial insurance will cover them and their belongings in the event of a fire or other incident. This is not the case. A landlord’s coverage only covers the structure of the residence. This leaves you responsible for purchasing new contents and finding temporary housing after an unfortunate event against your rented home. That’s why it’s essential to have a renter’s insurance policy. After defining a renter’s policy, we will explain the usefulness of additional living expense coverage as part of that policy.

What is a Renter’s Insurance Policy?

A renter’s insurance policy covers your contents in case of a covered incident such as a fire, windstorm, lightning, theft, or internal explosion. You purchase coverage that closely relates to the amount of money it would take to buy all new personal property if there was a total loss.

Additionally, a renter’s policy will cover you in case of liability in case someone is injured in your residence due to an accident, such as a trip and fall. Renters liability also protects you if you are found liable for causing a fire that damages your residence structure or the contents of neighboring property.

What is ALE Coverage?

Renters insurance also includes additional living expense (ALE) coverage. This coverage covers you as a renter when you have to pay extra costs related to being displaced by a covered peril that caused damage to your home or apartment.

While your rental is being repaired or rebuilt, ALE will pay up to a certain percentage of your renter’s content coverage (up to 30%) to help you with the extra cost of being out of your home. ALE will reimburse you for the following:

Housing: The temporary cost of a short-term rental, hotel, or apartment.
Food costs: Extra expenses related to food such as takeout, restaurant, or grocery bills.
Travel expenses: The added cost of gas, Uber, or public transportation to get you to and from work when it exceeds your average travel distance.
Storage Fees: The cost of holding the property you were able to save from the covered incident while being displaced from home.
Laundry: Cost of doing laundry while your home is restored or rebuilt.
Pet Fees: The cost of boarding your family pets after an incident while displaced from your home.

ALE typically reimburses you for expenses up to 12 months. However, depending on the circumstances of the rebuild, some policies may extend it to 24 months. So, be sure to keep your receipts.

Give us a call today.

For more information about renter’s insurance and what is covered under the policy’s ALE section, call Heimgartner Insurance Inc. in Sioux City, IA, at (712) 226-3853.

Differences Between Renter’s Insurance and Landlord’s Insurance

Posted on March 29, 2024March 27, 2024 by admin

At Heimgartner Insurance Inc. in Sioux City, IA, we empathize with the confusion that first-time renters or even seasoned tenants often face when distinguishing between renter’s insurance and landlord’s insurance. Even potential rental property owners could grapple with understanding which type of insurance is required for their property. While there are distinct differences between the two types of insurance, the overlap can make comprehension quite arduous. Our team is committed to outlining these differences for your better understanding.

What Is Renter’s Insurance?

Renter’s insurance is a policy type created with tenants in mind. These policies cover liability, protection against theft or damage to valuables, and other qualifying incidents. Some landlords mandate tenants have renter’s insurance policies, while others merely recommend it as a worthwhile preventive measure.

Differences Between Landlord’s Insurance and Renter’s Insurance

The primary differentiation between these two insurance types is their purpose of protection. If the policy is designed to safeguard the property against damages or criminal activity that directly affects the landlord or during specific events, then it is likely a Landlord’s insurance. On the other hand, Renter’s insurance policies specifically highlight the replacement of stolen items or liability coverage for injuries incurred on the insured premises. If you are a tenant, a renter’s insurance policy would serve you best. However, if you own a rental property, Landlord’s insurance is the more appropriate choice.

Call our team at Heimgartner Insurance Inc. in Sioux City, IA, to learn more about the distinguishing features of these two kinds of insurance policies. We would be delighted to help you decide which is most suitable for you!

Why Renters Insurance Is Essential for Peace of Mind

Posted on August 24, 2023September 7, 2023 by admin

A crucial element often overlooked by renters is renters insurance. Here at Heimgartner Insurance Inc., serving the greater Sioux City, IA area, we’ve seen many renters fail to protect themselves with this type of insurance. Here are some of the reasons why it’s so important.

Why Renters Insurance

Protection for Your Valuables

Renters insurance acts as an impregnable shield, safeguarding your personal belongings against unforeseen perils such as theft, fire, or natural disasters. In the event of such incidents, your policy ensures that you can recover or replace your belongings without enduring financial strain.

Liability Coverage and Financial Security

Accidents can strike at any moment, potentially resulting in injuries to guests or damages to the property. Renters insurance offers a protective veil by covering medical expenses and legal fees. This not only mitigates potential financial liabilities but also fosters a secure living environment.

A Smart Investment

Renters insurance extends its protective umbrella beyond the physical confines of your rented space. Whether you’re at home or traveling, your coverage remains steadfast. This comprehensive security comes at a surprisingly affordable cost, making renters insurance a prudent and wise investment.

Schedule A Consultation Today!

In the realm of rental living, peace of mind is not a luxury but a necessity. Renters insurance is your unwavering partner in ensuring that unexpected events do not disrupt your equilibrium or jeopardize your financial stability. It is an investment in the tranquility and security that every individual deserves as they embark on their rental journey. If you’re renting a home and don’t have renters insurance, now is the time to make a purchase. Call or email Heimgartner Insurance Inc., serving the greater Sioux City, IA region, to obtain an estimate for a renters insurance policy.

Should everyone in Iowa get renters insurance?

Posted on June 14, 2022June 14, 2022 by admin

Being a home renter in the Sioux City, IA area can be a great idea. Those that are going to rent a home when they are in this community will enjoy the flexibility that comes along with this housing option. While there are advantages to renting instead of owning, you do still need to have the right insurance in place. There are various reasons why everyone here should get a renters insurance plan.

Why to Get Renters Insurance?

Comply with the Lease

A common reason for people to get a renters insurance plan is so they can comply with the lease. Any lease you sign today is going to have many provisions and covenants that need to be met. One of the most common is to get a renters insurance plan that will protect both you and the property owner. In many cases, you will need to give evidence of the renters insurance plan before you move into the new home.

Receive Protection

While having a renters insurance plan is typically a requirement, you will also want coverage to receive appropriate protection. If you have this coverage, it will help to protect any of your personal assets and provide you with liability coverage. Having this can prove to be helpful during some challenging situations, such as if you are a victim of a fire or named liable for an accident.

Contact Us Today

Once you have decided to rent a home in the Sioux City, IA area, you will want to start looking for a new insurance plan. Once you start looking for coverage here, it would be a good idea for you to call the professionals with Heimgartner Insurance Inc. Choosing a renter’s plan is never easy and Heimgartner Insurance Inc will offer the guidance you need to select a policy that will meet your needs.