Most of us know very little about the ins and outs of property insurance. Christopher Chestnut is not in that category. As a prominent attorney out of Florida, Mr. Chestnut has taken on multi-million dollar cases and handled some of the most complex lawsuits imaginable. As one of the leading young black attorneys in America, Chestnut has been recognized by President Obama for his outstanding accomplishments.
1) If you rent, make sure you have renter's insurance. Also, make sure your landlord has homeowner's insurance, since renter's insurance only includes the contents that are INSIDE the house
2) Check your landlord's insurance regarding injuries on your rented property. Most people are unaware of the fact that the homeowner is liable in the event that someone is injured on their property. Even if the children across the street climb the fence to get into your yard, you are liable if one of them gets hurt. Find out how your landlord's homeowner's insurance would cover you if someone has an accident.
3) If you renovate your home, make sure that your current policy covers the changes you make to the property. Be sure to notify your insurer in the event that you make major changes to your house. Homeowners typically do not consider the fact that renovations may not be covered under their pre-existing homeowner's policy.
Home Insurance Photos
French national Alain Robert, (2nd R) also known as 'Spiderman,' is arrested by police after scaling the outside of the Lloyds Insurance building in central London, on April 2, 2009. The 14-storey building, which is 88 metres tall, is home to the insurance group Lloyd's of London. The protest comes as world leaders meet in London for the G20 summit to thrash out solutions to the challenges facing the international community. AFP PHOTO/STRINGER (Photo credit should read STRINGER/AFP/Getty Images)
AFP/Getty Images
French national Alain Robert, (2nd R) also known as 'Spiderman,' is arrested by police after scaling the outside of the Lloyds Insurance building in central London, on April 2, 2009. The 14-storey building, which is 88 metres tall, is home to the insurance group Lloyd's of London. The protest comes as world leaders meet in London for the G20 summit to thrash out solutions to the challenges facing the international community. AFP PHOTO/STRINGER (Photo credit should read STRINGER/AFP/Getty Images)
AFP/Getty Images
French national Alain Robert, (C) also known as 'Spiderman,' is arrested by police after scaling the outside of the Lloyds Insurance building in central London, on April 2, 2009. The 14-storey building, which is 88 metres tall, is home to the insurance group Lloyd's of London. The protest comes as world leaders meet in London for the G20 summit to thrash out solutions to the challenges facing the international community. AFP PHOTO/STRINGER (Photo credit should read STRINGER/AFP/Getty Images)
AFP/Getty Images
French climber Alain Robert, also known as 'Spiderman,' scales the outside of the Lloyds Insurance building in central London, on April 2, 2009. Alain Robert, famous for his daring unaided ascents of skyscrapers and iconic sites around the world, was arrested once he had climbed back down, police told AFP. The 14-storey building, which is 88 metres tall, is home to the insurance group Lloyd's of London. The protest comes as world leaders meet in London for the G20 summit to thrash out solutions to the challenges facing the international community. AFP PHOTO/STRINGER (Photo credit should read STRINGER/AFP/Getty Images)
AFP/Getty Images
French climber Alain Robert, also known as 'Spiderman' scales the outside of the Lloyds Insurance building in central London, on April 2, 2009. Alain Robert, famous for his daring unaided ascents of skyscrapers and iconic sites around the world, was arrested once he had climbed back down, police told AFP. The 14-storey building, which is 88 metres tall, is home to the insurance group Lloyd's of London. The protest comes as world leaders meet in London for the G20 summit to thrash out solutions to the challenges facing the international community. AFP PHOTO/STRINGER (Photo credit should read STRINGER/AFP/Getty Images)
AFP/Getty Images
GLASGOW, UNITED KINGDOM - OCTOBER 08: A woman walks past a home insurance sign which refers to the current financial crisis on October 8, 2008 in Glasgow, Scotland. The UK government has announced 500 Billion GBP rescue package for the banking system in an attempt to help stabilising the economy. (Photo by Jeff J Mitchell/Getty Images)
Getty Images
GLASGOW, UNITED KINGDOM - OCTOBER 08: A woman walks past a home insurance sign which refers to the current financial crisis on October 8, 2008 in Glasgow, Scotland. The UK government has announced 500 Billion GBP rescue package for the banking system in an attempt to help stabilising the economy. (Photo by Jeff J Mitchell/Getty Images)
Getty Images
LONDON - SEPTEMBER 25: A office worker walks into the Lloyd's Building, the home of the insurance institution Lloyd's of London on September 25 2008 in London, England. Lloyds of London are due to announce their interim results today as US President George Bush calls for the Ameriacn people to support his multi billion dollar rescue plan for the US economy. (Photo by Matt Cardy/Getty Images)
Getty Images
LONDON - SEPTEMBER 25: A office worker walks from the Lloyd's Building, the home of the insurance institution Lloyd's of London on September 25 2008 in London, England. Lloyds of London are due to announce their interim results today as US President George Bush calls for the Ameriacn people to support his multi billion dollar rescue plan for the US economy. (Photo by Matt Cardy/Getty Images)
Getty Images
LONDON - SEPTEMBER 25: City workers walk opposite the Lloyd's Building, the home of the insurance institution Lloyd's of London on September 25 2008 in London, England. Lloyds of London are due to announce their interim results today as US President George Bush calls for the Ameriacn people to support his multi billion dollar rescue plan for the US economy. (Photo by Matt Cardy/Getty Images)
Getty Images
4) Ask questions of your carrier. Don't assume that your common understanding of the language in your contract means that you and the insurer are on the same page.
"For example, make sure you have a clear understanding of what is included in storm coverage in terms of protection against both floods and wind damage," says Chestnut. "This is very important for home owners in coastal areas, such as Florida. Typically, an agent will sell storm damage coverage but not necessarily include both flood AND wind damage protection."
5) If you have young children in the house, check that you fully understand the protection your insurer provides in the event that small children are injured in the home. Mr. Chestnut argues that if a child is injured in your home, you should send a note to your insurer requesting that the claim be resolved as quickly as possible. He argues that this is a good faith effort to show your responsibility to the insurer.
For more information about Chris Chestnut visit www.chestnutfirm.com or (888) 374-4448. To have Chris speak to your organization, please call (502) 457-8852.
Dr. Boyce Watkins is a Finance Professor at Syracuse University and the 2007 Black Speaker of the Year. Christopher Chestnut, JD is a prominent attorney in Gainesville, Florida. To have Dr. Boyce commentary delivered to your email, please click here.
