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Mequon renters insurance is an affordable safeguard for your financial security. Many renters calculate rent and utilities as their only expenses, never considering the importance of Milwaukee renters insurance. There is a common misconception that the property owner will reimburse a renter for loss or damage, but the landlord's responsibility is only to repair structural damage. Your furniture, clothing, electronics and every other belonging inside the house or apartment is yours to replace.

Mequon is a suburb of Milwaukee in eastern Wisconsin. It was named one of "Money" magazine's top 20 best small cities in the United States. Mequon has a rich history, including an historic German neighborhood called Freistadt that was settled by German immigrants in 1839 and was home to the first Lutheran church in WI. In this desirable city, many residents rent their homes to avoid high costs of ownership and to have greater flexibility. Renters of all ages and in any size home can benefit from the protection afforded by Mequon renters insurance.

Protecting Your Assets

If a fire claims your home or a Wisconsin winter snow storm collapses your roof, there is little you can do to salvage the belongings inside. But a disaster does not have to become a personal catastrophe. Instead of wondering how you will pay to replace those lost items, rely on Mequon renters insurance to compensate you for your loss.

Renters insurance policies come with two options for compensation. The more expensive option is to be compensated for replacement cost. With this type of policy, the Wisconsin renters insurance provider will pay what it would cost to buy a comparable replacement for your lost items. You tend to get more compensation from a claim, but you must pay more in premiums each month.

The more affordable option is an actual cash value agreement. Actual cash value is the market value less depreciation. Most goods are not worth as much years later as they were when you first bought them. With this set-up, you will only be compensated the amount the item was worth when it was damaged or lost. You generally receive less pay-out from a claim, but you save each month.

Loss of property is not the only financial loss renters have to worry about. Mequon renters insurance also provides liability protection, which covers your expenses if you are sued for negligence when someone is injured or experiences property damage at your WI rental home. Legal fees and any judgment or settlement the plaintiff is entitled to can overrun you with debt, cause you to lose your assets and even end in garnishing of future wages. Renters insurance can soften the blow of a lawsuit by covering you up to your policy limits and taking care of the whole legal process.

Another way Mequon renters insurance safeguards your personal finances is by covering alternative living arrangements if your Mequon rental home is rendered unlivable by a qualified peril. If a tree limb comes crashing through your home, you may have to relocate temporarily while repairs are made. The cost of an extended Milwaukee area hotel stay can be much more than you would normally pay in rent and utilities. Your insurance policy covers the difference in cost for a specified length of time.

Finally, if someone is hurt on your property, the Wisconsin insurance company will offer some compensation for medical expenses. Your hope is that you won't be sued for a simple accident. In some cases, the promise that the bills will be paid can quell a person's desire to file suit. Most medical payments policies begin at $1,000, but you can raise this if you have accident-prone children, steep steps or other potential dangers in your Mequon home.

Filing a Claim

In the aftermath of a disaster, the first thing to do is contact your Mequon renters insurance agent. If a crime has been committed, like a theft or vandalism, first call the Mequon police to file a report. When you contact the WI provider, you will need to give an account of the accident and fill out a claims form. Take plenty of pictures immediately before repairs begin so you have photographic evidence of the extent of the damage.

You will need to refer to the inventory that you created when first opening your Mequon renters insurance policy. Identify on it all of the things that were stolen, damaged or destroyed. The inventory, of which the Mequon renters insurance company has a copy, guides the claims adjustor in determining compensation. That is why it is crucial to keep your inventory up to date.

Once you file a claim, an adjustor may be sent to your Mequon home to assess the damage. Compensation usually comes quickly after. Mequon renters insurance can get you back on your feet after a disaster, so contact a Milwaukee area agent today.