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Oak Creek renters insurance is a valuable safeguard to protect you from financial loss after a weather disaster or break-in. Renters often think their only expenses are rent and utilities. Without property taxes, mortgage payments or structural improvements to worry about, renting can be a convenient, flexible option for families, young professionals and retirees. One expense that is often overlooked is renters insurance. Without Milwaukee rental coverage, you could be paying enormous out-of-pocket costs if a disaster hits.

Oak Creek is a city on the outskirts of Milwaukee in eastern Wisconsin. WI is known for its bitterly cold, snowy winters. Improperly winterized rental homes can experience problems from freezing and the weight of ice and snow. In addition to those added risks are the concerns of every renter and homeowner: fire, theft, natural disasters and more. Oak Creek renters insurance prepares you for the unexpected by covering the value of your belongings, absorbing the cost of alternative living arrangements, protecting you from liability and covering the people in your home in case of injury.

A good Milwaukee insurance agent can get you started with the policy that suits you. You can adjust your coverage limits and deductibles to suit your situation, and an agent will help you sort through the claims process if you ever need to call upon your coverage. There are also many discounts available, so contact an Oak Creek agent today to find out how little it costs to be covered by Oak Creek renters insurance.

Setting Your Coverage Limits

Setting your Oak Creek coverage limits can feel like a guessing game of the worst case scenario. How much would you need to replace everything you own? Wisconsin renters insurance policies cover you based on what you actually own so you can maximize compensation in the unfortunate event of a total loss to fire or other catastrophe.

To calculate the value of your belongings, your Oak Creek agent will ask that you draft an inventory. This is a comprehensive list of everything you own. To create your own inventory, list every item by category and include a physical description, original value, age and a photograph or video. Also attach any receipts, certificates or other relevant documents. For electronics and firearms, include the serial number as well.

One copy of the inventory goes to the WI insurance provider, and one should be kept in your records. If there is ever a question about a particular item, you can refer back to the inventory and accompanying photos or video for proof of ownership. When you make a major purchase or get rid of something significant, update the inventory with the Oak Creek renters insurance provider. You should also do an annual review to keep it up to date.

There are two schemes for compensation when you make an Oak Creek insurance claim. The Wisconsin renters insurance provider will award you either the actual cash value or the replacement cost of the items that were lost or damaged. Actual cash value, the more common set-up, is market value minus depreciation. Replacement cost, on the other hand, compensates you the amount it would cost to buy a comparable item today.

What Liability Protection Entails

Having their belongings covered brings Milwaukee area renters peace of mind, and liability protection is an equally valuable component of Oak Creek renters insurance. You never imagine that your friends and neighbors would sue you, but it happens every day to unsuspecting renters. If the plaintiff can prove you acted negligently, you could be paying thousands of dollars in restitution, not to mention the legal fees associated with a lawsuit.

If someone is injured on your rental property or their property is damaged, they can sue for negligence. They must show that you did something or failed to do something, which caused the accident to happen. Liability coverage through your Oak Creek renters insurance policy will provide you with an attorney to handle the case, and it will pay the settlement or judgment up to your coverage limit. Lawsuits, even if you win, are costly and time-consuming. Liability protection is reason enough to purchase Oak Creek renters insurance.

Limits for Oak Creek liability protection typically start at $100,000. Wisconsin policyholders can raise those limits if they wish, either for extra peace of mind or because they are at increased risk for a potential negligence suit. If your driveway is surrounded by tree limbs that could damage a car or your sidewalk has heavy traffic in the icy WI winter, you might consider raising your limits. If someone is injured and chooses not to sue, Oak Creek renters insurance will still pay their medical bills. Consult an Oak Creek renters insurance agent to discuss your options and set a limit that will keep you financially sound.