What is HO-4 Apartment Insurance?

Renters Insurance Basics

HO-4 Insurance is more commonly referred to as renters insurance, and it is a type of policy that more people in the country should have and do not usually concern themselves with. Renters insurance policies cover the personal effects of a renter from 17 types of disasters usually including:

• Fire or lightning & smoke damage
• Windstorm or hail
• Explosions
• Riots or civil commotions
• Aircraft or other vehicles
• Theft
• Volcanic eruption
• Weight of ice, snow, or sleet
• Water-related damage from home utilities
• Electrical surges
• Vandalism or malicious mischief

The list of standard coverage is fairly extensive, but the astute observer will note that floods and earthquakes are not on the list. These items are covered separately, usually by a rider on the policy if you live in an area where they are prone to happen.

Compared to other types of insurance that people focus on, such as health insurance, auto insurance or life insurance, renter’s insurance can be amazingly inexpensive, easy to shop and apply for and provide significant relief in life in a time of crisis. Many people underestimate the value of their own goods, simply looking at perhaps a television set and a sofa, but they neglect to think of all of the little things such as their DVD collection, utensils, clothes, jewelry and family heirlooms that may be irreplaceable but of great value.

One other thing that people with HO-4 insurance should be prepared for is filing a claim, which can be made easier by keeping copies of receipts for everything you purchase and keep in the home as well as taking an inventory of your items that list the purchase cost and date. If you prefer, you can videotape everything in your home which will usually satisfy an insurer as well. Having these in a secure location will help make any claim you have to make much easier to handle so that you get payment as quickly as possible.