How Does Renters Insurance Payout Work?

  1. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    When you report a claim on your renter’s policy, the company will assign an adjuster to the claim. The adjuster will collect all the necessary data to prepare a settlement of the claim. If the claim is a liability claim, the company will pay for defense costs and judgments up to the limits of the policy. If it is a loss of property, they will normally determine the actual cash value of the items lost and offer that amount minus the deductible as settlement. If you replace the items lost and have replacement cost coverage they will send subsequent amounts to reflect the cost of replacing the items lost.
    Answered on September 16, 2014
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