About AARP Renters Insurance
The AARP has been advocating and negotiating discounts for its members for almost six decades. Many members rent houses and apartments during their retirement years and are in need of insurance to cover the loss of their personal possessions. It is critically important to understand what is and is not covered by AARP Financial's renters insurance policies.
Other People Are Reading
-
History
-
AARP was initially founded in 1947 as the National Retired Teachers Association by Dr. Ethel Percy Andrus as a means for poorly paid teachers to acquire insurance. This group expanded to become the American Association of Retired Persons (AARP) in 1958. AARP functions as a nonpartisan advocacy group for its members who, contrary to popular belief, do not have to be retired in order to join. The AARP has partnered with AARP Financial, an independent company licensed to use the AARP name, to offer renters insurance to members.
Function
-
Renters insurance is used to protect the possessions and property of the policyholder. The policyholder may not be the owner of the property, as homeowners insurance is more appropriate for that situation. In addition to protecting the furniture and other property of the renter, renters insurance also protects the policyholder from legal costs and judgments arising from appropriate legal actions in which the policyholder is at fault.
-
Types
-
Like many other policies, the rates paid to AARP Financial for renters insurance are based upon a policyholder's credit score. It is argued that this is an effective way to determine the risk of a policyholder. If a member is declined a policy through AARP Financial, he has the right to request a copy of his Comprehensive Loss Underwriter Exchange (CLUE) report.
Function
-
Renters insurance does cover fire, but other accidents or "acts of God" such as earthquakes or floods are not covered by renters insurance. Renters insurance does, however, provide standard-of-living payments that reimburse or pay for hotel stays, which are the result of an accident or incident that renders the residence unlivable.
Misconceptions
-
Renters insurance functions in many respects like homeowners insurance or mobile home insurance, but is more limited. Certain liabilities, such as pets attacking neighbors, are covered by all three policies. Renters insurance, however, will cover no structural damage done to the domicile or building being rented. Safety devices such as burglar alarms and fire extinguishers can lower all three policies' premiums while excessive claims or the age of the domicile may raise the rates.
Warning
-
AARP Financial Inc. is not a branch of the AARP. It is considered an independent company that is licensed to use the AARP name in the course of doing its business.
-
Resources
More Like This
Comments
-
do you have dental ins?
