Renters insurance

Renters insurance provides you with piece of mind knowing that your personal belongings are covered in the event of unforeseeable circumstances. We believe its so important, we require our residents to carry it while they live in our homes. Below are the basics of renters insurance so you can find the covereage you need.

We believe it's so important to have renters insurance that we require our residents to have it. If you stop paying renters insurance you will be charged a monthly penalty of $50.00 which will not provide you with any insurance coverage. 
 

Be sure your renters insurance policy lists "Angel Wood Management" as an additional interest and references this address: PO Box 130038, Houston. TX. 77219. All residents on the lease must be listed on the policy and your policy must have at least $100,000 of liability coverage. 

Please email a copy of your insurance policy to CustomerCare@AWMngt.com, and make sure it includes: 

1. A copy of your Renters Insurance certificate of coverage or declaration page
2. The names of all Residents on the lease
3. The Landlord listed as an “additional interest” with notices to Angel Wood Management, PO Box 130038, Houston, TX. 77219
4. Policy start and end dates
5. Policy number
6. Personal liability coverage in the minimum amount of $100,000.

The information provided here is for typical renters insurance coverage and will need to be confirmed with your insurance provider.

Personal Property

Personal property coverage is a standard part of a renters insurance policy. It may help cover the cost of replacing your belongings in the event they're unexpectedly damaged. The policy typically applies to specific events like fires or storm damage. These events may also include:

• Weather related damage from lightning, hail, wind, ice, or snow weight
• Vandalism, burglary, riots or civil commotions
• Damage caused by vehicles like cars, trucks, or aircraft
• Water leaks or intrusion
• Damage from electrical issues or events
• Damage caused by falling objects
• Smoke, fire, explosion
• Falling object

When you purchase a renters insurance policy, you will want to set coverage limits for personal property that are right for your situation. You don't necessarily want to pay for more coverage than you'll need, but you also don't want to underestimate your coverage. Consider creating an inventory list of your belongings and estimate the value of those items to help you figure out how much personal property coverage you'll need. 

You'll also need to decide if you want to purchase a policy that covers the current market value of your belongings or the replacement costs of your belongings which may help you replace your items at their retail value.

Please keep in mind, personal property coverage may not help protect everything you own and certain belongings, like jewelry or coin collections, may have limited coverage under a standard policy. We highly recommend working with an insurance agent to help you determine the best policy for you and help you work through all the details.

Most insurance companies offer two reimbursement options for your renters policy:

• Replacement cost policies  pay for the actual cost of replacing your possessions with new ones. For example, if your TV is ruined, you’d get enough to buy a new, similar TV. 
•  Actual cash value policies pay to replace your belongings based on their value at the time they’re damaged or stolen. That means that if your ruined TV is a couple of years old, your claim check would be enough to buy a 2-year-old TV. To get a new TV, you would pay the difference yourself. 

Liability Coverage

Unfortunately, accidents happen all the time. Liability coverage as part of your renters insurance may help protect you from having to pay certain out-of-pocket costs for damage or injury to others for which you are responsible. 

For example, if someone slips or trips over something in your home and is injured, you could be held responsible for their medical bills. Another example would be, if your child hits a baseball through a neighbor's window, you could be held responsible for the and damage and any injury that occurred as a result. 

If an accident happens that results in a lawsuit, renters insurance generally covers both the cost of legal representation, and any damages awarded to the other party. Again, an insurance provider will be able to help you determine the amount of coverage that makes the most sense for you.

Angel Wood Management requires at least $100,000 of liability coverage. 

Additional Living Expenses

If your home becomes uninhabitable due to circumstances covered by your policy, renters insurance coverage generally pays for additional living expenses as your home is repaired. These include hotel bills, restaurant meals and other costs above what you would normally pay. Your coverage amount for additional living expenses will depend on your situation, so please consult with an insurance provider. 

Not everything is covered in a renters insurance policy. Renters insurance will likely not pay for damage due to earthquakes or floods. Those events generally require separate policies or must be added as an endorsement or rider to a renters insurance policy. Renters insurance will not cover bedbugs, mice, or other infestations.

Renters insurance protects you against the actions of other people, but not your own actions. 

In many cases, Renters Insurance will not cover roommates unless specifically outlined in the policy. Unless all roommates are listed on the policy, each roommate will be required to have their own Renters Insurance.

Please read your insurance policy and chat with your insurance agent to make sure you know what is and isn't covered by your renters insurance policy.

We believe it's so important to have renters insurance that we require our residents to have it. If you stop paying renters insurance you will be charged a monthly penalty of $50.00 which will not provide you with any insurance coverage.