When you rent a home in Sioux Falls, SD, let Wilcoxon Insurance Inc. help you customize your renters’ insurance policy with riders that help you cover all of your valuables in every situation.

A rider refers to an added clause in your insurance policy that applies to specific property or situations. You can add riders to renters insurance just as you can to homeowners’ and auto policies.

Seven common riders serve renters’ policies:

• Scheduled property rider: This rider increases the coverage limit for high-dollar items that wouldn’t typically receive full coverage for replacement. Typically, items like diamond earrings or a gaming computer fall into this category.
• At-home business rider: This rider covers your business equipment if you operate a home-based business that earns more than $2,000 a year. Typically, items like your computer or photography equipment fall into this category.
• Replacement cost rider: Most policies include an actual cash value, which means the depreciated value after the initial purchase of the item. Adding a replacement cost rider gets you a reimbursement that covers the actual cost of replacing the item with a new one.
• Pet damage rider: This rider covers you for any liability for damage your pet causes. You won’t have to pay out of pocket for the stained carpet from when your pet got sick from something they ate.
• Identity theft coverage rider: Adding a rider for ID theft affords you a cash payment to resolve issues arising when your identity gets stolen. Some riders even include help putting you in touch with experts who can help you resolve the problem.
• Earthquake/Hurricane coverage rider: Adding an earthquake or hurricane coverage rider covers personal property damage damaged in the storm covered by the rider. Certain states don’t include these natural hazards in their named perils in the standard policy.

Get The Right Coverage Today

Protect your belongings fully with renters insurance that includes the right riders that apply to your situation. Contact Wilcoxon Insurance Inc. serving Sioux Falls, SD today.

Anyone who has ever rented an apartment or house knows that there are many things to consider when it comes to protecting your home and belongings. Remember your landlord’s policy will not cover your personal belongings in the event of a fire, theft, or other disasters. That’s why you need renters insurance. But with so many different policies available, it can be difficult to know what to look for when choosing the right one for you. Wilcoxon Insurance Inc. in Sioux Falls, SD provides this guide on navigating this important coverage.

Here are a few things to remember when shopping for renters insurance

1. Coverage Limit

The coverage limit is the first thing you’ll want to look at when considering a renters insurance policy. This is the maximum amount of money the insurer will pay out if your belongings are damaged or destroyed. It’s important to choose a policy with a coverage limit that is high enough to cover the value of all your possessions.

2. Deductible

The deductible is another important factor to consider when choosing a renters insurance policy. To understand what a deductible is, it’s important to first understand how insurance works. Essentially, an insurance policy is a contract between you and the insurer in which you agree to pay a premium in exchange for the insurer agreeing to pay out a certain amount of money if you experience a covered event. However, before the insurer will pay out any money, you must first pay the deductible. Choosing a policy with a deductible that you can afford to pay if something happens is important.

3. Policy Exclusions

When you’re shopping for renters insurance, you’ll also want to be aware of what is excluded from the policy. Most policies will exclude items such as jewelry, art, and other valuables from coverage. It’s important to check with your insurer to see what is excluded to ensure all of your belongings are protected.

Contact Us Today

Now that you know what to look for in a good renters insurance policy, it’s time to start shopping around. Wilcoxon Insurance Inc. in Sioux Falls, SD offers a variety of different policies to meet your needs. Contact us today to learn more about our coverage options and get a free quote.

When you move into an apartment, you might be required by your landlord to get renters’ insurance and prove that you’ve gotten it. If this is the case, you want to learn as much as possible before you get your policy. Talk to an agent from Wilcoxon Insurance Inc. of the greater Sioux Falls, SD area so that you know what is not covered by your policy.

Here are some common things that aren’t covered by renters’ insurance:

Natural Disasters

Typically, natural disasters like sinkholes, earthquakes, and flooding won’t be covered under renters’ insurance policies. You will be able to set up additional policies such as one that’s specifically for flood insurance.

Automobile Damages 

If an item(s) is stolen from your vehicle, renters’ insurance is likely to cover it. However, it won’t apply to any damage that’s done to your car itself. If your entire car is stolen, renters’ insurance also will not cover any replacement for the current value or otherwise.

Undocumented Items

If there are items that you can’t prove you owned or at least can’t prove the value for them, you may be out of luck. You should hold onto receipts at all times, especially for those items that you know you’ll want to have replaced or repaired should something happen to them.

Roommate’s Items 

If you have a roommate, but the renters’ insurance is only under your name, their items aren’t going to be covered under your policy. It may be a different case if the roommate is related to you by marriage, blood, or adoption.

Renters’ insurance may be tricky to figure out, but you’ll benefit from discussing your options with a Wilcoxon Insurance Inc. agent. Serving the Sioux Falls, SD area, we are happy to help new customers at any time.  Give us a call or fill out our online form to get more information.