All homes include a complimentary renters insurance policy, designed to provide peace of mind for you and your family.
WHAT IS RENTER’S INSURANCE?
Renter’s insurance provides coverage to people who do not own a home, but still want to protect their property and insure against liabilities. Policies vary drastically, but many are very affordable.
DEDUCTIBLE VS PREMIUM
Insurance lingo can get a bit confusing. Two terms that you’ll frequently hear are deductible and premium.
Premium: This is the monthly, annual, or biannual, etc (the frequency of payments varies by provider/plan, but most rental insurance plans are annual) fee that is paid to the insurance company to maintain the policy. The premium is owed regardless of whether you have submitted a claim.
Deductible: The deductible is a one time charge that is paid (by you) upon submission of a claim. For example, if you submit a claim for $2000 in loss, and your deductible is $250, the net payout to you would be $1750. A deductible in a renters insurance policy defines the minimum size of a claim. For example, if you submit a claim for $150 in loss, and your deductible is $250, the plan would not payout, as you have not met the deductible.
Are they related?
Absolutely. Typically the deductible and premium correlate with each other. You could have a higher premium (monthly payment) in exchange for a lower deductible (one time claim payment) or you could opt for a plan with a lower premium and higher deductible.
COMPLIMENTARY INSURANCE POLICY
Aurora provides a complimentary renters insurance policy to all residents. This policy is designed to supplement your existing policy.
Policy Administrator: Great American Insurance
Policy Number: 8727573
Name Insured: Hunt Building Company
Submitting a Claim
Phone: (866) 673-3096
- Provide Great American Insurance with prompt notice of the loss or damage.
- Notify the police in case of loss by theft.
- Protect the property from further damage. If repairs to the property are required, the resident must a) make reasonable and necessary repairs to protect the property; and b) keep an accurate record of repair expenses.
- Cooperate with Great American Insurance throughout the claim investigation.
- Prepare an inventory of damaged personal property showing quantity, description, actual cash value and amount of loss. Attach all bills, receipts, and related documents that justify inventory figures.
- As often as reasonably required, a) show the damaged property; b) provide the insurer with records and documents; c) submit to an examination under oath.
- Within 60 days of loss, request and send a signed, sworn proof of loss to Great American Insurance setting forth a) the time and cause of loss; b) the interest of the tenant and all others in the property involved; c) other insurance which may cover the loss; d) changes in title or occupancy of the property during the term of the policy; e) the inventory of damaged personal property.
SINCE AURORA PROVIDES A POLICY, DO I REALLY NEED MY OWN?
In most cases, yes. All plans have varying maximums, exclusions, and coverage scope; our plan might not fully provide the coverage your family requires.