Many renters mistakenly believe that they don't need renter's insurance or view it as an expensive luxury. However, insurance needs aren't negated just because one happens to be renting their home.

For those not familiar with renter's insurance, it's an insurance coverage that protects the renter from property losses from damages like water and fire. It also provides protection for liability risks, such as lawsuits brought by the landlord of the property, pet attacks, falls and slips, and guest accidents. This type of coverage is available in most areas and has an average $20 monthly premium rate for around $500,000 dollars worth of liability coverage and $20,000 dollars worth of property coverage.

Trusted Choice, a network of financial and insurance service firms, recently found in a survey that almost 25 million American home renters didn't have any insurance coverage to protect themselves from losses and that most renters have limited, if any, knowledge of renter's insurance.

Eight percent of the respondents without renter's insurance had never heard about renter's insurance before. Meanwhile, 17% said they weren't aware that they needed renter's insurance and 26% percent felt that renter's insurance was too costly.

According to the study, some renters also mistakenly believed that their insurance needs were covered under the insurance policy held by their landlord. In reality, landlords don't typically insure anything other than the building and infrastructural elements like HVAC systems and elevators. Other losses incurred will be directly on the renter's shoulders. Even negligent actions caused by one tenant, such as a fire, that affects other innocent tenants in the building aren't typically covered by the landlord's insurance.

Other key findings of the study included:
* Fifty percent of the surveyed renters owned pets. Thirty-two percent of the non-pet owners had renter's insurance. Although renters that own pets have a higher liability exposure than renters without pets, a mere 26% of the pet owners had renter's insurance.

* Eighty-nine percent of the surveyed renters owned at least one expensive electronic device, such as a computer, camera, digital recorder, or home theater system. This group was more likely to have a renter's insurance policy than those that didn't own such devices.

* Fifty-three percent of the surveyed renters owned at least one form of exercise or sports equipment, such as a skis, bicycles, or a home gym system. This group was more likely to own renter's insurance than those that didn't own such equipment.

* Only thirty-one percent of the renters operating a home business from their apartment, condo, or other type of rental unit had renter's insurance.

To review your Renters Insurance program, or start your Renters Insurance program, please call one of our agents at 314-351-HALO(4256).

Very few people think about what happens to their belongings if there is a burglary, fire, flood or other catastrophe.

Home Insurance And Storage Units
If a home insurance policy covers belongings that are stored away from the property, the coverage is limited to a specific dollar amount. Also, physical damages are covered but theft is not. This is important to know before filling a storage unit full of costly belongings, antiques or luxury items. 

Homeowners who have valuable art, jewelry, firearms, furniture, rugs or other rare items should not store them outside of the home unless they are individually appraised and insured separately. In the event of major damages, the dollar limit for stored items would not cover the replacement cost for the majority of such valuables. To store these items away from home, discuss preferences and needs with an agent 314-351-HALO(4256).
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Storage Unit Company Insurance
Some storage companies offer insurance to customers. For those who already are covered with an individual home insurance policy, this coverage may be redundant. However, it may be a good option for those whose home insurance policies do not cover belongings stored away from the property or for those who do not have home insurance. 

A renter's insurance policy may also cover some stored belongings. Always read the company's policy before buying it. What does it cover and exclude? Does the coverage come with a time limit? Is there a policy deductible? These are important things to know before making a decision. If storage businesses sell insurance, they must be licensed insurance producers. 

If possible, talk to an agent before signing a contract to rent a storage unit and placing items in it. Be aware of how long any stored items are covered for and the maximum dollar amount for compensation. Also, be sure to understand what types of damages are covered and those that are not. For example, fire damage to a large rug may be covered but mold growth because of normal moisture in a humid climate may not be covered. Always keep an inventory of items in the storage unit, and take pictures of the stored belongings. There are even apps for such purposes. To learn more about these apps or the next steps to take, speak to an agent by calling 314-351-HALO(4256) today.

As a landlord, you want insurance that's tailored specifically to protect your rental properties. A Landlord Protection policy gives you choices when purchasing the insurance coverage you need.

Rental property is a great investment, especially if you protect your assets with excellent coverage. Make sure that you and your property are covered when choosing a landlord protection insurance policy.

Protect Yourself
Landlord Protection liability insurance options protect you and your spouse or domestic partner against personal injury, wrongful eviction, or wrongful entry as well as other non-bodily injury claims such as libel and slander. 

Extra Coverage Doesn't Have to Cost A Lot
Many landlords supplement their coverage with personal umbrella liability insurance for broader protection. Talk to us today about the amount of coverage that's right for you.

To find out more about this product and other products and services, contact your HALO insurance agent today at 314-351-HALO (4256). 

You’ve probably been at the rental-car counter, listening to the representative ask if you want to purchase the company’s insurance. And the thoughts start racing through your head. “Is this a rip-off? Doesn’t my regular auto policy cover me? What about my credit card? Why didn’t I figure this out before I left on my trip?”
 
At HALO Insurance & Benefits Group, we are here to help. And while not every situation is the same, we’ve got some general tips that will help you make an informed decision the next time you’re standing at that counter.
 
1. Know your personal auto policy.
Because insurance policies vary, it’s a good idea to give us a call — before you rent a car — to make sure you have the coverage you need. In some instances, your personal auto policy will provide coverage for a rental car — but that coverage may be limited to the value of the car you own, rather than the one you’re renting. 
 
In the event of an accident, many rental companies will charge fees beyond repair costs. They may assess a loss-of-use fee for each day the car is unusable, as well as charge you because the value of the car has decreased. Not all insurance policies cover these fees.
 
2. Also know your homeowners or renters policy.
If you’re traveling with expensive electronics or other valuable items, you probably want to consider what coverage you’ll have in the event they are stolen. Your personal auto policy and/or credit card coverage likely won’t provide protection for this scenario.
 
3. Check your credit card protection.
Most credit cards will also provide some coverage, but often payment is limited to reimbursement of your personal auto policy deductible (after that policy pays for repairs). Generally, loss-of-use and other fees are not covered, but it’s important to check with your credit-card provider to determine their policies. And while some cards may offer additional protection for a fee, usually coverage is limited to damage to the car, not liability for any injuries to others. Remember, to receive any sort of benefit from your card, you must use that card to pay for your entire car rental.
 
4. Consider any unique circumstances.
Are you renting a car in a foreign country, or for more than a week? You’ll definitely want to get confirmation of coverage from both your insurance carrier and credit card company because different rules might apply. Also, no matter where you are, vehicles such as trucks, RVs or exotic sports cars often aren’t covered under standard agreements. And if you’re using a car for business purposes, your personal coverage might not apply. Finally, if multiple people will be driving the car during your trip, make sure your coverages will apply to them.
 
5. Learn about the insurance offered by the rental car company.
According to the Insurance Information Institute, rental companies offer four main types of coverage.
A Loss Damage Waiver (LDW) relieves you of responsibility if your rental car is damaged or stolen. This may also provide coverage for loss of use.

Liability Protection provides protection from lawsuits if you are sued after an accident.
Personal Accident Insurance covers you and passengers for medical bills after an accident. You may not need this if you have adequate health and auto coverage.

Personal Effects Coverage protects you if items are stolen from your car. You generally are covered for this under your homeowners or renters policy, but keep in mind that the loss must exceed your deductible for you to receive payment. If you have a high deductible, it may make sense to purchase this coverage from the rental company.
 
When you go on vacation, you don’t want to stress out about insurance. So give your HALO insurance agent a call before you leave. Then, when you head over to the rental-car counter, you can stop worrying about your coverage — and start enjoying your trip! 314-351-HALO(4256) .

It used to be that kids showed up to their college dorms with not much more than the clothes on their backs and a couple of suitcases. Maybe they brought a small stereo. A generation ago, laptops were nearly unheard of in college dorms. Obviously, those days are over. Today's college students rely on a small arsenal of laptops, tablets, smart phones and other valuable electronic devices - without which they would have a tough time functioning and completing their schooling. These days, access to a laptop computer isn't just a luxury for students - it's a must.

Homeowners vs. Renter's Insurance
Fortunately, if parents own a homeowner's insurance policy, most full-time students are covered against theft and other common hazards under that policy if their primary residence is still the parent's home. In most cases, these students are covered even if they are living far from home in a college dormitory.

There are exceptions and exclusions, of course. Insurers usually set an upper age limit of 24 on students they are willing to cover under a parental policy. Carriers will also typically insure 10 percent of the value of the parents' insured belongings and personal possessions and effects.

You may not want to rely entirely on your homeowner's insurance policy to protect your college age child, however. Homeowner's insurance deductibles tend to be $500 to $1,000 higher as well - too high to provide the student with meaningful protection against a stolen tablet or smartphone, for example. Furthermore, homeowner's insurance is not well suited to covering relatively small losses such as a typical dorm theft. Repeated small claims could cause your homeowner's insurance company to increase rates or can even cancel your policy if the number of claims is excessive in a short period of time. Most experts suggest preserving the homeowner's policy for bigger events: Say, the building burns down and your child loses everything he or she has.

A renter's policy may be more effective. These are extremely inexpensive in most cases - average costs are around $200 to $300 per year, for about $15,000 in personal possessions coverage, and have lower deductibles that are more appropriate for college students. Additional insurance is easily purchased if necessary.

Auto Insurance
If the parents still own the car the student is driving, then parents are still responsible for it, even when it's being driven by a full-time student. If the car is in a new location, on or near campus, rather than at the parents' residence, the car owners must notify the insurance carrier. Be sure to add your child to the list of authorized drivers. It's not a good idea to have other college students drive the car. However sending your kid to school without a car may be ideal.  Talk to your college student about using ride sharing services or taxis when going out drinking. Indeed, the recent rise of ride sharing services like Uber and Lyft is making it easier and more economical to function without a car.

As always, speak with your college student about the risks of drinking and driving, texting while driving, driving while distracted, etc.

Umbrella Liability Insurance
You may wish to consider adding umbrella liability coverage to protect yourself and your college-age child. Umbrella coverage kicks in in case there is a claim against you that exceeds the coverage limits of your auto and homeowner's insurance policies. For example, imagine your college-age child causes a car accident that results in $500,000 in damages to another party. But your car insurance policy only covers $200,000 in liability. In that case, your umbrella insurance policy will cover the difference, up to the limits of the policy.

Health Insurance
Under the Affordable Care Act, parents are generally entitled to keep full-time students on their own policies until the age of 26. Keeping the college age child on the parental health insurance plan, whether individually-owned or employer-sponsored, is usually preferable to enrolling the college student in the college health plan, because coverage is typically more limited with these plans. For example, many of these plans limit catastrophic coverage to $50,000 per accident or illness, and exclude injuries that are incurred as a result of alcohol or drug abuse.

If your health plan is a health maintenance organization (HMO) or preferred provider organization (PPO), take a look at the available network of care providers. These models of care rely on narrower networks of approved care providers to control costs. They may not have any approved in-network providers near the college campus at all. Discuss your and your college student's options with a HALO insurance agent, 314-351-HALO ​(4256). 

Does Your Insurance Cover Your Vacation Rental?
It's vacation time, and the extended family has rented a large beach house just a short walk from the water. The kids and grandkids are there; one even brought his dog. With 20 people in the house, there's a lot of catching up, noise and confusion. Three people might be cooking dinner, and each of the three thinks the other two are watching the frying pan on the stove. Turns out that none of them are. In minutes, flames are shooting up out of the pan, scorching the walls and producing a good amount of smoke.

Fortunately, the fire is caught and put out before the whole building can burn, but the damage is more than noticeable. Clean up and repair will be expensive, and the house's owner will not find this at all humorous. Everyone knows that an insurance company will have to get involved -- but whose?
Renting vacation homes is a common occurrence. It gives families a comfortable place to stay other than a hotel. It also gives the property owner a good source of revenue. However, there are risks for both the owner and the renter. These include:

- The renter could damage the property
- One of the renters could be injured by an unsafe condition in the house
- A friend or family member visiting the renters for the day could be injured on the premises
- The renter's dog could bite someone
- The renters could accidentally damage a neighboring house or injure someone staying there.

While Homeowners insurance policies are not exactly the same, almost all provide Personal Liability Coverage. This protects the people insured under the policy against claims or lawsuits accusing them of injuring another person or damaging another's property. It also pays for the cost of legal services to defend against a lawsuit.

This coverage will pay if the renters are responsible for the injury to the friend visiting the house. It should also cover damages to neighboring houses and injuries to their occupants. It may pay for injuries and costs resulting from the dog bite. However, some policies contain clauses that eliminate coverage for dog bites; it is important for dog owners to know what coverage they have.  Some policies may have special conditions when the home is rented out. While homeowners policies do have off premise coverage when you occupy another residence, those coverages likely have limitations. Also please note, some vacation rental website listings services by provide additional coverage. 

Damage the renters may do to the house might be covered, but it depends on the cause of the damage. Many policies will cover fire, smoke or explosion damage to premises rented to or occupied by the people insured, but not other types of damage. The incident with the neglected frying pan would be covered because the damage was caused by fire and smoke. Damage caused by an overflowing bathtub would not be covered.

The house's owner may have legal responsibility for a condition in the house that injures a renter or a visitor. If so, the owner's liability insurance should cover medical expenses and related costs. It is wise to have an umbrella policy as this type of policy may cover gaps that a primary policy may not cover. It's best to bring all variables to the attention of your agent and discuss strategies on how you can narrow any insurance gaps that may exist in rental situations.  Then all that will be left to do is pack the car, head to the beach, and enjoy the vacation. Call HALO Insurance to get started, 314-351-HALO (4256).