Date Posted: 2012-07-11 10:36:54
Site Posted: Myproperty.ph
Part of your responsibility as a renter is knowing how to take care of your unit by avoiding damage, or reporting them to the landlord before they get worse. Landlords insure rental properties to protect their investment, but what if the loss or destruction happens to your personal belongings? This is where renter’s insurance comes in.
Renter’s insurance is a must for anyone living in an apartment or condo for rent. Because the landlord’s insurance only covers the building itself and the common areas, you have to be responsible for buying insurance in the event that something happens to the things that are inside your unit. Some of the instances when insurance might cover items that are destroyed or lost are leaks due to faulty plumbing, robbery, explosions, and falling objects. Natural disasters such as earthquakes and floods are not always covered, so you might have to buy a separate policy to protect your belongings from them.
Before you get insured, make an inventory of the things that you own, such as furniture, electronics, clothing and jewelry so that you have an idea of how much coverage you will need. Claiming for and verification of lost items later on for tax purposes will also be easier if you save receipts and take pictures of these items and keep these records somewhere else, like a safety deposit box.
When you’re ready to shop around for a policy, make sure that you collect information from two or more providers to find out which one is offering the best deal. It would also be ideal to buy insurance from the company that covers your other insurance needs (such as car insurance) to get a discount. Ask the company exactly what their policy covers and what it doesn’t to get the most out of your money.
You also have to determine whether to go for a policy that offers actual cash value (ACV) or replacement cost for when you file a claim. ACV will give you an amount based on how much the lost or damaged items were worth during the time of the incident. With replacement cost, you have to pay higher premiums, but you’ll get what you actually paid for the items in order to replace them.
Don’t wait for something to happen before you realize the value of renter’s insurance. If you live in a condo or apartment for rent, getting insured is the best way for you to keep from losing everything in one unfortunate incident.
Jillian Cariola, Writer
(cover image by Incase.)
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