Renter's - What's Not Covered
Renter’s Policy
General
1. Do I have an obligation to maintain my property?
Yes. Under IronRock’s Renter’s Insruance Policy wording, you are required to exercise all reasonable precautions to maintain the Property Insured in a proper state of repair and to prevent loss, damage and accidents.
2. If I sell my property will the insurance also transfer?
No. You may not transfer your interest in this Policy without obtaining our written approval. We shall not be bound by any passing of your interest other than by death or operation of law unless and until we have issued an Endorsement declaring the insurance to be continued.
Claims
1. How long do I have to report a claim?
Thirty (30) days from the date of the incident. Your claim may be denied if it has not been reported with full particulars of the incident on the prescribed Claim Form to IronRock, and within the thirty (30) day timeframe.
Managing Your Policy
1. How much should I insure my property for?
Your property should be insured for its ‘Full Replacement Value’. This is the estimated cost replacing your property at current prices. It should also include the estimated cost of removing debris following an incident.
2. What is the difference between the ‘Full Replacement Value’ and the ‘Market Value’ of my property?
Full Replacement Value is defined above, while Market Value is reflects the estimated price obtainable if selling your property on the open market.
3. May I cancel my policy at any time?
Sure. Just advise us in writing or by email, stating the day on which you would like your policy to be cancelled – however note that policies may not be cancelled retroactively.
4. Will I be entitled to a full refund of premium?
That depends. If a claim has occurred in the current policy period, and a payment has been made under your policy, or the claim is still open, unfortunately you are not entitled to a refund of premium. Otherwise you are entitled to a partial refund of premium, subject to a minimum refund.
