Inside
Story

 

by Indiana Farm Bureau Insurance

 

 

 

 

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Aug 5, 2019

7 Renters Insurance Words You Need to Know

7 Renters Insurance Words You Need to Know Hero

 

Knowing where to start with renters insurance can be challenging, but we’re here to help!

 

We have created a list of seven words you need to know as you look for the renters insurance that is right for you.

 

Insurance: a contract, in the form of an insurance policy, which can provide an individual with financial protection or reimbursement against covered losses.


Insured: the individuals covered by the insurance policy. For renters insurance, the named insureds are you and your spouse. Unrelated adults residing in the same rental unit should each obtain their own insurance policy.


Coverage: what the insurance company can help protect under your policy. For renters insurance, there are three main categories of coverage: personal property, loss of use and personal liability. You can easily find out how much coverage you need through Indiana Farm Bureau Insurance’s personal calculator.


Policy: a written contract for insurance between an insurance company and policyholder stating details of coverage


Quote: an estimate of what it could cost you to purchase insurance and gives you the ability to compare prices. Getting a quote does NOT mean that you have purchased insurance. Learn how you can get a quote in just three easy steps: How To: Renters Insurance in 3 Easy Steps

 

Claim: a request made by the insured to receive payment from the insurance company due to a loss that is covered under the policy. If your valuables are damaged, you have the right to “make a claim” to notify your insurance company.


Deductible: the portion of the covered loss paid by the policyholder. For example, if your $1,250 laptop gets stolen from your rental unit and you have a $250 deductible, the insurance company will pay you $1,000.


Start with Indiana Farm Bureau Insurance and stop knocking on wood. Learn more about renters insurance: infb.com/renters

 

Sources:

Indiana Farm Bureau Insurance Glossary: https://www.infarmbureau.com/resources/glossary

National Association of Insurance Commissioners:  https://www.naic.org/consumer_glossary.htm#I

 

 

 

 

Inside Story is for educational and informational purposes only. Inside Story is compiled from various sources, which may or may not be affiliated with our family of companies, and may include the assistance of artificial intelligence. While we strive to provide accurate and reliable content, we make no warranties or guarantees about its completeness, accuracy, or reliability, and are not responsible for the content of any third-party sources or websites referenced herein. The inclusion of any content does not establish a business relationship or constitute our endorsement, approval, or recommendation of any third party. Testimonials and examples provided are for illustrative purposes only and do not guarantee future or similar results or outcomes, and may not consider individual circumstances, goals, needs, or objectives. Inside Story does not provide legal, tax, or accounting advice. For individual guidance, please consult a qualified professional in the appropriate field. 
Coverages subject to policy terms, conditions, and exclusions. Subject to underwriting review and approval.

Aug 5, 2019

7 Renters Insurance Words You Need to Know

7 Renters Insurance Words You Need to Know Hero

 

Knowing where to start with renters insurance can be challenging, but we’re here to help!

 

We have created a list of seven words you need to know as you look for the renters insurance that is right for you.

 

Insurance: a contract, in the form of an insurance policy, which can provide an individual with financial protection or reimbursement against covered losses.


Insured: the individuals covered by the insurance policy. For renters insurance, the named insureds are you and your spouse. Unrelated adults residing in the same rental unit should each obtain their own insurance policy.


Coverage: what the insurance company can help protect under your policy. For renters insurance, there are three main categories of coverage: personal property, loss of use and personal liability. You can easily find out how much coverage you need through Indiana Farm Bureau Insurance’s personal calculator.


Policy: a written contract for insurance between an insurance company and policyholder stating details of coverage


Quote: an estimate of what it could cost you to purchase insurance and gives you the ability to compare prices. Getting a quote does NOT mean that you have purchased insurance. Learn how you can get a quote in just three easy steps: How To: Renters Insurance in 3 Easy Steps

 

Claim: a request made by the insured to receive payment from the insurance company due to a loss that is covered under the policy. If your valuables are damaged, you have the right to “make a claim” to notify your insurance company.


Deductible: the portion of the covered loss paid by the policyholder. For example, if your $1,250 laptop gets stolen from your rental unit and you have a $250 deductible, the insurance company will pay you $1,000.


Start with Indiana Farm Bureau Insurance and stop knocking on wood. Learn more about renters insurance: infb.com/renters

 

Sources:

Indiana Farm Bureau Insurance Glossary: https://www.infarmbureau.com/resources/glossary

National Association of Insurance Commissioners:  https://www.naic.org/consumer_glossary.htm#I

 

 

 

 

Inside Story is for educational and informational purposes only. Inside Story is compiled from various sources, which may or may not be affiliated with our family of companies, and may include the assistance of artificial intelligence. While we strive to provide accurate and reliable content, we make no warranties or guarantees about its completeness, accuracy, or reliability, and are not responsible for the content of any third-party sources or websites referenced herein. The inclusion of any content does not establish a business relationship or constitute our endorsement, approval, or recommendation of any third party. Testimonials and examples provided are for illustrative purposes only and do not guarantee future or similar results or outcomes, and may not consider individual circumstances, goals, needs, or objectives. Inside Story does not provide legal, tax, or accounting advice. For individual guidance, please consult a qualified professional in the appropriate field. 
Coverages subject to policy terms, conditions, and exclusions. Subject to underwriting review and approval.

Aug 5, 2019

7 Renters Insurance Words You Need to Know

7 Renters Insurance Words You Need to Know Hero

 

Knowing where to start with renters insurance can be challenging, but we’re here to help!

 

We have created a list of seven words you need to know as you look for the renters insurance that is right for you.

 

Insurance: a contract, in the form of an insurance policy, which can provide an individual with financial protection or reimbursement against covered losses.


Insured: the individuals covered by the insurance policy. For renters insurance, the named insureds are you and your spouse. Unrelated adults residing in the same rental unit should each obtain their own insurance policy.


Coverage: what the insurance company can help protect under your policy. For renters insurance, there are three main categories of coverage: personal property, loss of use and personal liability. You can easily find out how much coverage you need through Indiana Farm Bureau Insurance’s personal calculator.


Policy: a written contract for insurance between an insurance company and policyholder stating details of coverage


Quote: an estimate of what it could cost you to purchase insurance and gives you the ability to compare prices. Getting a quote does NOT mean that you have purchased insurance. Learn how you can get a quote in just three easy steps: How To: Renters Insurance in 3 Easy Steps

 

Claim: a request made by the insured to receive payment from the insurance company due to a loss that is covered under the policy. If your valuables are damaged, you have the right to “make a claim” to notify your insurance company.


Deductible: the portion of the covered loss paid by the policyholder. For example, if your $1,250 laptop gets stolen from your rental unit and you have a $250 deductible, the insurance company will pay you $1,000.


Start with Indiana Farm Bureau Insurance and stop knocking on wood. Learn more about renters insurance: infb.com/renters

 

Sources:

Indiana Farm Bureau Insurance Glossary: https://www.infarmbureau.com/resources/glossary

National Association of Insurance Commissioners:  https://www.naic.org/consumer_glossary.htm#I

 

 

 

 

Inside Story is for educational and informational purposes only. Inside Story is compiled from various sources, which may or may not be affiliated with our family of companies, and may include the assistance of artificial intelligence. While we strive to provide accurate and reliable content, we make no warranties or guarantees about its completeness, accuracy, or reliability, and are not responsible for the content of any third-party sources or websites referenced herein. The inclusion of any content does not establish a business relationship or constitute our endorsement, approval, or recommendation of any third party. Testimonials and examples provided are for illustrative purposes only and do not guarantee future or similar results or outcomes, and may not consider individual circumstances, goals, needs, or objectives. Inside Story does not provide legal, tax, or accounting advice. For individual guidance, please consult a qualified professional in the appropriate field. 
Coverages subject to policy terms, conditions, and exclusions. Subject to underwriting review and approval.

Aug 5, 2019

7 Renters Insurance Words You Need to Know

7 Renters Insurance Words You Need to Know Hero

 

Knowing where to start with renters insurance can be challenging, but we’re here to help!

 

We have created a list of seven words you need to know as you look for the renters insurance that is right for you.

 

Insurance: a contract, in the form of an insurance policy, which can provide an individual with financial protection or reimbursement against covered losses.


Insured: the individuals covered by the insurance policy. For renters insurance, the named insureds are you and your spouse. Unrelated adults residing in the same rental unit should each obtain their own insurance policy.


Coverage: what the insurance company can help protect under your policy. For renters insurance, there are three main categories of coverage: personal property, loss of use and personal liability. You can easily find out how much coverage you need through Indiana Farm Bureau Insurance’s personal calculator.


Policy: a written contract for insurance between an insurance company and policyholder stating details of coverage


Quote: an estimate of what it could cost you to purchase insurance and gives you the ability to compare prices. Getting a quote does NOT mean that you have purchased insurance. Learn how you can get a quote in just three easy steps: How To: Renters Insurance in 3 Easy Steps

 

Claim: a request made by the insured to receive payment from the insurance company due to a loss that is covered under the policy. If your valuables are damaged, you have the right to “make a claim” to notify your insurance company.


Deductible: the portion of the covered loss paid by the policyholder. For example, if your $1,250 laptop gets stolen from your rental unit and you have a $250 deductible, the insurance company will pay you $1,000.


Start with Indiana Farm Bureau Insurance and stop knocking on wood. Learn more about renters insurance: infb.com/renters

 

Sources:

Indiana Farm Bureau Insurance Glossary: https://www.infarmbureau.com/resources/glossary

National Association of Insurance Commissioners:  https://www.naic.org/consumer_glossary.htm#I

 

 

 

 

Inside Story is for educational and informational purposes only. Inside Story is compiled from various sources, which may or may not be affiliated with our family of companies, and may include the assistance of artificial intelligence. While we strive to provide accurate and reliable content, we make no warranties or guarantees about its completeness, accuracy, or reliability, and are not responsible for the content of any third-party sources or websites referenced herein. The inclusion of any content does not establish a business relationship or constitute our endorsement, approval, or recommendation of any third party. Testimonials and examples provided are for illustrative purposes only and do not guarantee future or similar results or outcomes, and may not consider individual circumstances, goals, needs, or objectives. Inside Story does not provide legal, tax, or accounting advice. For individual guidance, please consult a qualified professional in the appropriate field. 
Coverages subject to policy terms, conditions, and exclusions. Subject to underwriting review and approval.

Aug 5, 2019

7 Renters Insurance Words You Need to Know

7 Renters Insurance Words You Need to Know Hero

 

Knowing where to start with renters insurance can be challenging, but we’re here to help!

 

We have created a list of seven words you need to know as you look for the renters insurance that is right for you.

 

Insurance: a contract, in the form of an insurance policy, which can provide an individual with financial protection or reimbursement against covered losses.


Insured: the individuals covered by the insurance policy. For renters insurance, the named insureds are you and your spouse. Unrelated adults residing in the same rental unit should each obtain their own insurance policy.


Coverage: what the insurance company can help protect under your policy. For renters insurance, there are three main categories of coverage: personal property, loss of use and personal liability. You can easily find out how much coverage you need through Indiana Farm Bureau Insurance’s personal calculator.


Policy: a written contract for insurance between an insurance company and policyholder stating details of coverage


Quote: an estimate of what it could cost you to purchase insurance and gives you the ability to compare prices. Getting a quote does NOT mean that you have purchased insurance. Learn how you can get a quote in just three easy steps: How To: Renters Insurance in 3 Easy Steps

 

Claim: a request made by the insured to receive payment from the insurance company due to a loss that is covered under the policy. If your valuables are damaged, you have the right to “make a claim” to notify your insurance company.


Deductible: the portion of the covered loss paid by the policyholder. For example, if your $1,250 laptop gets stolen from your rental unit and you have a $250 deductible, the insurance company will pay you $1,000.


Start with Indiana Farm Bureau Insurance and stop knocking on wood. Learn more about renters insurance: infb.com/renters

 

Sources:

Indiana Farm Bureau Insurance Glossary: https://www.infarmbureau.com/resources/glossary

National Association of Insurance Commissioners:  https://www.naic.org/consumer_glossary.htm#I

 

 

 

 

Inside Story is for educational and informational purposes only. Inside Story is compiled from various sources, which may or may not be affiliated with our family of companies, and may include the assistance of artificial intelligence. While we strive to provide accurate and reliable content, we make no warranties or guarantees about its completeness, accuracy, or reliability, and are not responsible for the content of any third-party sources or websites referenced herein. The inclusion of any content does not establish a business relationship or constitute our endorsement, approval, or recommendation of any third party. Testimonials and examples provided are for illustrative purposes only and do not guarantee future or similar results or outcomes, and may not consider individual circumstances, goals, needs, or objectives. Inside Story does not provide legal, tax, or accounting advice. For individual guidance, please consult a qualified professional in the appropriate field. 
Coverages subject to policy terms, conditions, and exclusions. Subject to underwriting review and approval.

Aug 5, 2019

7 Renters Insurance Words You Need to Know

7 Renters Insurance Words You Need to Know Hero

 

Knowing where to start with renters insurance can be challenging, but we’re here to help!

 

We have created a list of seven words you need to know as you look for the renters insurance that is right for you.

 

Insurance: a contract, in the form of an insurance policy, which can provide an individual with financial protection or reimbursement against covered losses.


Insured: the individuals covered by the insurance policy. For renters insurance, the named insureds are you and your spouse. Unrelated adults residing in the same rental unit should each obtain their own insurance policy.


Coverage: what the insurance company can help protect under your policy. For renters insurance, there are three main categories of coverage: personal property, loss of use and personal liability. You can easily find out how much coverage you need through Indiana Farm Bureau Insurance’s personal calculator.


Policy: a written contract for insurance between an insurance company and policyholder stating details of coverage


Quote: an estimate of what it could cost you to purchase insurance and gives you the ability to compare prices. Getting a quote does NOT mean that you have purchased insurance. Learn how you can get a quote in just three easy steps: How To: Renters Insurance in 3 Easy Steps

 

Claim: a request made by the insured to receive payment from the insurance company due to a loss that is covered under the policy. If your valuables are damaged, you have the right to “make a claim” to notify your insurance company.


Deductible: the portion of the covered loss paid by the policyholder. For example, if your $1,250 laptop gets stolen from your rental unit and you have a $250 deductible, the insurance company will pay you $1,000.


Start with Indiana Farm Bureau Insurance and stop knocking on wood. Learn more about renters insurance: infb.com/renters

 

Sources:

Indiana Farm Bureau Insurance Glossary: https://www.infarmbureau.com/resources/glossary

National Association of Insurance Commissioners:  https://www.naic.org/consumer_glossary.htm#I

 

 

 

 

Inside Story is for educational and informational purposes only. Inside Story is compiled from various sources, which may or may not be affiliated with our family of companies, and may include the assistance of artificial intelligence. While we strive to provide accurate and reliable content, we make no warranties or guarantees about its completeness, accuracy, or reliability, and are not responsible for the content of any third-party sources or websites referenced herein. The inclusion of any content does not establish a business relationship or constitute our endorsement, approval, or recommendation of any third party. Testimonials and examples provided are for illustrative purposes only and do not guarantee future or similar results or outcomes, and may not consider individual circumstances, goals, needs, or objectives. Inside Story does not provide legal, tax, or accounting advice. For individual guidance, please consult a qualified professional in the appropriate field. 
Coverages subject to policy terms, conditions, and exclusions. Subject to underwriting review and approval.

Aug 5, 2019

7 Renters Insurance Words You Need to Know

7 Renters Insurance Words You Need to Know Hero

 

Knowing where to start with renters insurance can be challenging, but we’re here to help!

 

We have created a list of seven words you need to know as you look for the renters insurance that is right for you.

 

Insurance: a contract, in the form of an insurance policy, which can provide an individual with financial protection or reimbursement against covered losses.


Insured: the individuals covered by the insurance policy. For renters insurance, the named insureds are you and your spouse. Unrelated adults residing in the same rental unit should each obtain their own insurance policy.


Coverage: what the insurance company can help protect under your policy. For renters insurance, there are three main categories of coverage: personal property, loss of use and personal liability. You can easily find out how much coverage you need through Indiana Farm Bureau Insurance’s personal calculator.


Policy: a written contract for insurance between an insurance company and policyholder stating details of coverage


Quote: an estimate of what it could cost you to purchase insurance and gives you the ability to compare prices. Getting a quote does NOT mean that you have purchased insurance. Learn how you can get a quote in just three easy steps: How To: Renters Insurance in 3 Easy Steps

 

Claim: a request made by the insured to receive payment from the insurance company due to a loss that is covered under the policy. If your valuables are damaged, you have the right to “make a claim” to notify your insurance company.


Deductible: the portion of the covered loss paid by the policyholder. For example, if your $1,250 laptop gets stolen from your rental unit and you have a $250 deductible, the insurance company will pay you $1,000.


Start with Indiana Farm Bureau Insurance and stop knocking on wood. Learn more about renters insurance: infb.com/renters

 

Sources:

Indiana Farm Bureau Insurance Glossary: https://www.infarmbureau.com/resources/glossary

National Association of Insurance Commissioners:  https://www.naic.org/consumer_glossary.htm#I

 

 

 

 

Inside Story is for educational and informational purposes only. Inside Story is compiled from various sources, which may or may not be affiliated with our family of companies, and may include the assistance of artificial intelligence. While we strive to provide accurate and reliable content, we make no warranties or guarantees about its completeness, accuracy, or reliability, and are not responsible for the content of any third-party sources or websites referenced herein. The inclusion of any content does not establish a business relationship or constitute our endorsement, approval, or recommendation of any third party. Testimonials and examples provided are for illustrative purposes only and do not guarantee future or similar results or outcomes, and may not consider individual circumstances, goals, needs, or objectives. Inside Story does not provide legal, tax, or accounting advice. For individual guidance, please consult a qualified professional in the appropriate field. 
Coverages subject to policy terms, conditions, and exclusions. Subject to underwriting review and approval.

Aug 5, 2019

7 Renters Insurance Words You Need to Know

7 Renters Insurance Words You Need to Know Hero

 

Knowing where to start with renters insurance can be challenging, but we’re here to help!

 

We have created a list of seven words you need to know as you look for the renters insurance that is right for you.

 

Insurance: a contract, in the form of an insurance policy, which can provide an individual with financial protection or reimbursement against covered losses.


Insured: the individuals covered by the insurance policy. For renters insurance, the named insureds are you and your spouse. Unrelated adults residing in the same rental unit should each obtain their own insurance policy.


Coverage: what the insurance company can help protect under your policy. For renters insurance, there are three main categories of coverage: personal property, loss of use and personal liability. You can easily find out how much coverage you need through Indiana Farm Bureau Insurance’s personal calculator.


Policy: a written contract for insurance between an insurance company and policyholder stating details of coverage


Quote: an estimate of what it could cost you to purchase insurance and gives you the ability to compare prices. Getting a quote does NOT mean that you have purchased insurance. Learn how you can get a quote in just three easy steps: How To: Renters Insurance in 3 Easy Steps

 

Claim: a request made by the insured to receive payment from the insurance company due to a loss that is covered under the policy. If your valuables are damaged, you have the right to “make a claim” to notify your insurance company.


Deductible: the portion of the covered loss paid by the policyholder. For example, if your $1,250 laptop gets stolen from your rental unit and you have a $250 deductible, the insurance company will pay you $1,000.


Start with Indiana Farm Bureau Insurance and stop knocking on wood. Learn more about renters insurance: infb.com/renters

 

Sources:

Indiana Farm Bureau Insurance Glossary: https://www.infarmbureau.com/resources/glossary

National Association of Insurance Commissioners:  https://www.naic.org/consumer_glossary.htm#I

 

 

 

 

Inside Story is for educational and informational purposes only. Inside Story is compiled from various sources, which may or may not be affiliated with our family of companies, and may include the assistance of artificial intelligence. While we strive to provide accurate and reliable content, we make no warranties or guarantees about its completeness, accuracy, or reliability, and are not responsible for the content of any third-party sources or websites referenced herein. The inclusion of any content does not establish a business relationship or constitute our endorsement, approval, or recommendation of any third party. Testimonials and examples provided are for illustrative purposes only and do not guarantee future or similar results or outcomes, and may not consider individual circumstances, goals, needs, or objectives. Inside Story does not provide legal, tax, or accounting advice. For individual guidance, please consult a qualified professional in the appropriate field. 
Coverages subject to policy terms, conditions, and exclusions. Subject to underwriting review and approval.

Aug 5, 2019

7 Renters Insurance Words You Need to Know

7 Renters Insurance Words You Need to Know Hero

 

Knowing where to start with renters insurance can be challenging, but we’re here to help!

 

We have created a list of seven words you need to know as you look for the renters insurance that is right for you.

 

Insurance: a contract, in the form of an insurance policy, which can provide an individual with financial protection or reimbursement against covered losses.


Insured: the individuals covered by the insurance policy. For renters insurance, the named insureds are you and your spouse. Unrelated adults residing in the same rental unit should each obtain their own insurance policy.


Coverage: what the insurance company can help protect under your policy. For renters insurance, there are three main categories of coverage: personal property, loss of use and personal liability. You can easily find out how much coverage you need through Indiana Farm Bureau Insurance’s personal calculator.


Policy: a written contract for insurance between an insurance company and policyholder stating details of coverage


Quote: an estimate of what it could cost you to purchase insurance and gives you the ability to compare prices. Getting a quote does NOT mean that you have purchased insurance. Learn how you can get a quote in just three easy steps: How To: Renters Insurance in 3 Easy Steps

 

Claim: a request made by the insured to receive payment from the insurance company due to a loss that is covered under the policy. If your valuables are damaged, you have the right to “make a claim” to notify your insurance company.


Deductible: the portion of the covered loss paid by the policyholder. For example, if your $1,250 laptop gets stolen from your rental unit and you have a $250 deductible, the insurance company will pay you $1,000.


Start with Indiana Farm Bureau Insurance and stop knocking on wood. Learn more about renters insurance: infb.com/renters

 

Sources:

Indiana Farm Bureau Insurance Glossary: https://www.infarmbureau.com/resources/glossary

National Association of Insurance Commissioners:  https://www.naic.org/consumer_glossary.htm#I

 

 

 

 

Inside Story is for educational and informational purposes only. Inside Story is compiled from various sources, which may or may not be affiliated with our family of companies, and may include the assistance of artificial intelligence. While we strive to provide accurate and reliable content, we make no warranties or guarantees about its completeness, accuracy, or reliability, and are not responsible for the content of any third-party sources or websites referenced herein. The inclusion of any content does not establish a business relationship or constitute our endorsement, approval, or recommendation of any third party. Testimonials and examples provided are for illustrative purposes only and do not guarantee future or similar results or outcomes, and may not consider individual circumstances, goals, needs, or objectives. Inside Story does not provide legal, tax, or accounting advice. For individual guidance, please consult a qualified professional in the appropriate field. 
Coverages subject to policy terms, conditions, and exclusions. Subject to underwriting review and approval.

Aug 5, 2019

7 Renters Insurance Words You Need to Know

7 Renters Insurance Words You Need to Know Hero

 

Knowing where to start with renters insurance can be challenging, but we’re here to help!

 

We have created a list of seven words you need to know as you look for the renters insurance that is right for you.

 

Insurance: a contract, in the form of an insurance policy, which can provide an individual with financial protection or reimbursement against covered losses.


Insured: the individuals covered by the insurance policy. For renters insurance, the named insureds are you and your spouse. Unrelated adults residing in the same rental unit should each obtain their own insurance policy.


Coverage: what the insurance company can help protect under your policy. For renters insurance, there are three main categories of coverage: personal property, loss of use and personal liability. You can easily find out how much coverage you need through Indiana Farm Bureau Insurance’s personal calculator.


Policy: a written contract for insurance between an insurance company and policyholder stating details of coverage


Quote: an estimate of what it could cost you to purchase insurance and gives you the ability to compare prices. Getting a quote does NOT mean that you have purchased insurance. Learn how you can get a quote in just three easy steps: How To: Renters Insurance in 3 Easy Steps

 

Claim: a request made by the insured to receive payment from the insurance company due to a loss that is covered under the policy. If your valuables are damaged, you have the right to “make a claim” to notify your insurance company.


Deductible: the portion of the covered loss paid by the policyholder. For example, if your $1,250 laptop gets stolen from your rental unit and you have a $250 deductible, the insurance company will pay you $1,000.


Start with Indiana Farm Bureau Insurance and stop knocking on wood. Learn more about renters insurance: infb.com/renters

 

Sources:

Indiana Farm Bureau Insurance Glossary: https://www.infarmbureau.com/resources/glossary

National Association of Insurance Commissioners:  https://www.naic.org/consumer_glossary.htm#I

 

 

 

 

Inside Story is for educational and informational purposes only. Inside Story is compiled from various sources, which may or may not be affiliated with our family of companies, and may include the assistance of artificial intelligence. While we strive to provide accurate and reliable content, we make no warranties or guarantees about its completeness, accuracy, or reliability, and are not responsible for the content of any third-party sources or websites referenced herein. The inclusion of any content does not establish a business relationship or constitute our endorsement, approval, or recommendation of any third party. Testimonials and examples provided are for illustrative purposes only and do not guarantee future or similar results or outcomes, and may not consider individual circumstances, goals, needs, or objectives. Inside Story does not provide legal, tax, or accounting advice. For individual guidance, please consult a qualified professional in the appropriate field. 
Coverages subject to policy terms, conditions, and exclusions. Subject to underwriting review and approval.

Aug 5, 2019

7 Renters Insurance Words You Need to Know

7 Renters Insurance Words You Need to Know Hero

 

Knowing where to start with renters insurance can be challenging, but we’re here to help!

 

We have created a list of seven words you need to know as you look for the renters insurance that is right for you.

 

Insurance: a contract, in the form of an insurance policy, which can provide an individual with financial protection or reimbursement against covered losses.


Insured: the individuals covered by the insurance policy. For renters insurance, the named insureds are you and your spouse. Unrelated adults residing in the same rental unit should each obtain their own insurance policy.


Coverage: what the insurance company can help protect under your policy. For renters insurance, there are three main categories of coverage: personal property, loss of use and personal liability. You can easily find out how much coverage you need through Indiana Farm Bureau Insurance’s personal calculator.


Policy: a written contract for insurance between an insurance company and policyholder stating details of coverage


Quote: an estimate of what it could cost you to purchase insurance and gives you the ability to compare prices. Getting a quote does NOT mean that you have purchased insurance. Learn how you can get a quote in just three easy steps: How To: Renters Insurance in 3 Easy Steps

 

Claim: a request made by the insured to receive payment from the insurance company due to a loss that is covered under the policy. If your valuables are damaged, you have the right to “make a claim” to notify your insurance company.


Deductible: the portion of the covered loss paid by the policyholder. For example, if your $1,250 laptop gets stolen from your rental unit and you have a $250 deductible, the insurance company will pay you $1,000.


Start with Indiana Farm Bureau Insurance and stop knocking on wood. Learn more about renters insurance: infb.com/renters

 

Sources:

Indiana Farm Bureau Insurance Glossary: https://www.infarmbureau.com/resources/glossary

National Association of Insurance Commissioners:  https://www.naic.org/consumer_glossary.htm#I

 

 

 

 

Inside Story is for educational and informational purposes only. Inside Story is compiled from various sources, which may or may not be affiliated with our family of companies, and may include the assistance of artificial intelligence. While we strive to provide accurate and reliable content, we make no warranties or guarantees about its completeness, accuracy, or reliability, and are not responsible for the content of any third-party sources or websites referenced herein. The inclusion of any content does not establish a business relationship or constitute our endorsement, approval, or recommendation of any third party. Testimonials and examples provided are for illustrative purposes only and do not guarantee future or similar results or outcomes, and may not consider individual circumstances, goals, needs, or objectives. Inside Story does not provide legal, tax, or accounting advice. For individual guidance, please consult a qualified professional in the appropriate field. 
Coverages subject to policy terms, conditions, and exclusions. Subject to underwriting review and approval.

 

 

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