What if a candle tips over and catches your apartment on fire?
What if your neighbor upstairs accidentally walks away from a plugged bath and causes a major flood?
What if your neighbor starts a cooking fire and it spreads to your unit?
Everyday these 'what if' scenarios occur in apartment communities. So, what happens if a 'what if' occurs to you? Well, if you don't have renter's insurance, you may lose everything! Your neighbor doesn't have to pay for your stuff and your landlord isn't held responsible. In fact, without renter's insurance, even in accidents that you didn't cause, you are held responsible for replacing your possessions. And, even worse, if you are responsible for an accident that causes damage to the property, loss to others, or even causes injury to an individual, you could be held liable.even to the apartment owner!
The only way to protect yourself and your belongings is by enrolling in a renter's insurance policy.
So, ask yourself again, "Why do I need renter's insurance?" - To protect yourself from liability
- To safeguard your property and valuables
- To protect and recover your possessions in the event of a loss
- To financially protect yourself
- To quickly and easily receive payment for claims
- To provide you with temporary living coverage if your residence is damaged
- To ensure you have someone on your side when the unexpected happens
- Simply put, you need renter's insurance for your peace of mind!
Now, we know many people don't understand how insurance works and are skeptical when it comes to insurance companies. But the truth is, insurance companies are truly there for you and expect accidents to occur. We want you to be an informed resident and trust the insurance process. As an added service to our residents, Berger Rental Communities has partnered with a leading insurance company to offer you pre-approved, low cost insurance protection. The eRenterPlan insurance program is automatically available to you as a resident of a Berger Rental Community. This insurance will protect your personal property from accidental loss or damage as well as provide liability coverage to third parties for your accidental and negligent acts. This affordable coverage option is designed specifically for residents of professionally managed apartment communities. If you choose to obtain renter's insurance from another insurance company, you will be asked to furnish the name of the selected insurance company, the policy number, and the effective and expiration dates of your policy when you execute your rental paperwork. Written information about the insurance programs available to the residents of this community can be obtained at the leasing office or at www.eRenterPlan.com.
What is LeasingDesk and eRenterPlan?
LeasingDesk has been providing affordable and dependable insurance solutions for apartment residents since 1999. LeasingDesk is the largest provider of group insurance programs for the multifamily industry, specializing in affordable renter's and liability insurance products for apartment residents. Headquartered in Irvine, California, LeasingDesk is licensed in nearly every sate and operates as a licensed insurance agent. LeasingDesk offers insurance solutions that are easy to obtain with extremely competitive rates through eRenterPlan. The eRenterPlan insurance products are provided by LeasingDesk and underwritten by numerous companies including American Modern Insurance Group, QBE Insurance Corporation, QBE Specialty, Sirius American Insurance Company, Homesite Insurance Group and Balboa Insurance Group.
Are you comparing Apples to Apples?
When comparing the eRenterPlan policy to those offered by independent agents, there is a lot more to its value than just price!
- All residents are pre-approved for eRenterPlan. Residents can have a policy in less than 2 minutes! There isn't an application to complete and no individual underwriting. Enrollments may be submitted through the eRenterPlan website, or through the property staff members. Other providers will require a 3-4 page application with various underwriting questions and often a credit check. Other providers charge a rate that is based on many factors including the response to all of these questions, the applicant's credit score, their driving record, zip code of the property, etc.
- Residents will not receive a premium increase for claims filed with eRenterPlan. All residents will pay the same rate for the same coverage. If the renter's insurance policy is tied to an auto policy, an auto accident may cause an increase in the renter's insurance premium. Likewise, a claim on the renter's insurance may cause their auto premium to increase. The fear of a premium increase will discourage residents from filing a claim, thus defeating the purpose of having insurance altogether.
- The risk management team at your property has already asked all of the complicated insurance questions and determined that eRenterPlan is of great value to their residents and property. They would not offer it at your property if they did not believe this to be true!
- LeasingDesk will act as your liaison for any claims disputes. eRenterPlan and LeasingDesk Insurance Services have a vested interest in creating value in their relationship with the property in which you reside. They actually want to pay your claims! Independent agents or 3rd party companies have no interest in maintaining a relationship with the Management of your property and will typically do everything legally possible to avoid paying a claim on behalf of their insured.
- eRenterPlan has Replacement Cost coverage. Many lower rate policies are Actual Cash Value (ACV). This means that residents only receive depreciated value of the damaged or lost item, not the cost to REPLACE the item at today's price. This is the most common coverage removed to lower the premium!
- eRenterPlan premiums can be paid monthly via debit/credit card or checking account. Many other insurance companies require annual or bi-annual premium payments upfront to initiate the policy.
Glossary of Insurance Terms
Actual Cash Value:
Insurance under which the policyholder receives compensation equal to the cost of replacing damaged or stolen property minus an amount for depreciation for age and use. For example: A tree falls through your roof destroying your eight-year-old sofa that cost $1,200 when it was new, but now is only worth $400. With an actual cash value policy, you will receive $400.
Agent:
Insurance salesperson. (a) An independent agent does not work directly for an insurance company and sells the policies of more than one insurer; (b) An exclusive agent works for one insurance company and only sells its policies.
Claim:
Policyholder's request for payment by an insurer for a loss covered by a policy.
Conditions:
Part of an insurance policy that states your obligations and those of your insurance company that must be followed for the policy to be in effect.
Deductible:
Amount you pay out of pocket per claim or per accident. This amount is subtracted from the total amount paid by your insurer. If the claim is for $500 and your deductible is $100, your company will pay $400.
Depreciation:
Reduction in the value of property due to age and use.
Domestic Partners:
Term used to describe unmarried couples living together.
Endorsement:
Attachment to a policy which adds to or changes the contract's original terms.
Floater:
Additional coverage for items not included in the basic policy such as expensive jewelry or antiques.
Insurance Department:
Agency that enforces rules for the insurance business in each state. A valuable source of information about all types of insurance. The department also handles consumer inquiries and complaints.
Inventory:
List of your possessions with a description, serial numbers when appropriate, and information on when and where purchased.
Liability Coverage:
Insurance which pays the losses of other people to who you unintentionally or through negligence cause injury. (a) Bodily injury liability coverage pays medical costs of others and your legal defense costs if you physically harm someone; (b) Property damage liability coverage pays claims against you if you damage someone else property.
Negligence:
Failure to exercise a generally accepted level of care and caution.
Peril:
Cause of loss. (Examples: fire, theft.)
Personal Property Insurance:
Protects against the loss of, or damage to, possessions cause by specific perils.
Policy Period:
Amount of time an insurance policy is in force.
Premium:
Amount you pay for insurance coverage.
Policyholder:
Person who buys insurance.
Proof of Loss:
Documents you give to the insurer to support your request for payment of a claim. The company uses these documents to determine whether and how much it will pay. (Examples include written repair estimates and police reports.)
Replacement Costs:
Cost to replace property with items of like kind and quality without regard to age or condition of the original item.
Theft Limit:
Highest amount an insurance company will pay on certain items that are stolen from your home. For instance, some policies have a $5,000 limit for computers. If your computer is worth more, and you want to cover it for its full value, you need to purchase a floater (see definition above).