Karl Chew State Farm Insurance Midland MI
Renters Insurance
Basic renter insurance will provide coverage to you, in the event that your belongings are lost. The range of causes can include:
- fire
- water damage (broken pipes)
- burglary
This insurance will also cover damage caused by you, to the landlord’s property. For instance, if you host a party, and one of your guests breaks a hole in the wall.
Several things to consider before moving on:
Take a look around your dwelling. Make note of all items of value, and especially of those items with high value/high replacement cost. It might be good to catalog all of your possessions in a table or spreadsheet for easy future reference.
With any type of insurance policy, you'll have to decide how much your deductibles are going to be. In general, the higher the deductible, the lower your premium will be.
- Replacement Cost and Actual Value
Basic policies begin with coverage for the actual cash values of your covered belongings. Example: a 10 year old TV would be covered for its initial cost, minus the depreciated cost. A 10 year old TV is really not worth much today, so in the end, you wouldn't get much cash for it. If you have items like this, it may be better to opt for replacement cost coverage instead. With this coverage, you would be reimbursed for the total current cost of a new TV. A thing to remember is that replacement cost coverage is more expensive, but perhaps worth the extra cost.
If, for some reason, you aren't able to live within your apartment, your coverage will take care of expenses that are incurred through food and lodging.
If you have very valuable items that come with difficult replacement, you might want to consider a “floater”. Items that might be included: antiques, jewelry, special electronic equipment, etc. A floater policy is essentially a separate policy from your general coverage, and it is designed for these special items. Compared to the replacement cost of these items, this coverage is relatively inexpensive.
For more information contact the office of Midland State Farm Insurance Agent Karl Chew at 989 631-6471 or visit www.karlchew.com.
Flood Insurance
Besides fire, flooding is the most common natural disaster. In order to legitimize a flood as occurring, two adjacent properties must be under water.
As with earthquake insurance, the basic homeowners insurance policy does not include flood damage. This coverage must be obtained from a provider that associates with the NFIP (National Flood Insurance Program). The NFIP is overseen by FEMA, which is the Federal Emergency Management Agency. FEMA, in turn, is run by the Federal Insurance Administration.
On average, the general policy is around $300/year. If you live in a lours' area, your premium can be as low as $100/year.
A standard flood insurance policy is purchased from the NFIP. Under a “write your own program”, a policyholder obtains insurance directly from a private insurance company, as opposed to going through the NFIP. Your premium will be the same amount, regardless of purchase through the government or private company.
Most insurers offer three basic plans of coverage:
- General property
- Residential Condo building association
- Dwellings
General property coverage will apply to apartments and business dwellings. Residential condo building association provides coverage for condominiums. Finally, your dwelling coverage applies to most residential homes. Each of the above has its individual limit in terms of coverage. When searching for a provider, focus on the service they provide, as opposed to the price. Since the federal government sets the rates, private insurance companies will attempt to gain your business through the service they can provide. One measure of quality service is the time it takes for a claim to be resolved. A worthy company will be able to pay off its claims in a timely fashion, as opposed to a competitor which may be struggling to process its claims within an acceptable window of time.
For more information contact the office of Midland State Farm Insurance Agent Karl Chew at 989 631-6471 or visit www.karlchew.com.
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