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 Information

Policy Administrator: Great American Insurance

Policy Number: 8727573

Name Insured: Hunt Building Company

Submitting a Claim

Email: gaic@claimadjuster.com

Phone: (866) 673-3096

Fax: (888)796-6400

  1. Provide Great American Insurance with prompt notice of the loss or damage.
  2. Notify the police in case of loss by theft.
  3. 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.
  4. Cooperate with Great American Insurance throughout the claim investigation.
  5. 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.
  6. 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.
  7. 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.

View Plan Information

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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.