Many young people who leave home and go out into the big wide world forget about some of the most important details they should take care of. Renters insurance is very often one of these.
By going out on their own, either getting an apartment on their own or sharing with others, they will learn about what is involved in the rental world. Things like having and keeping good references and records, applying for a lease, furnishing the apartment and generally doing all the things that they took for granted at home with their folks.
One of the most important of all these things is protecting their possessions. These days with all the technical products that young ones have, the value of their belongings can add up to quite a sum.
The landlord only covers the building with the landlord insurance, a person renting the building needs to take out the correct coverage for their belongings that they will have in the building.
When enquiring about renters insurance there are a few things you will need to ask. Things like
· The type of loss or damage to property that is covered by the renters insurance
· Renters insurance and replacing property in the event of loss or damage. This can be the replacement costs or the actual cash value. There may be deductibles, the higher the deductibles, the lower the premiums. (The deductible is the amount you pay before the insurance company starts to pay).
Here are the 8 Important Questions that need to be asked with regard to protection of the insured with renters insurance cover.
1. Liability protection and guests' medical expenses, some policies will cover anyone visiting your rental property, who is injured or have their belongings damaged. The outside and public areas of the property should be covered by the landlords insurance, so make sure to ask this too.
2. Property loss while traveling, this will be cover for things like lost luggage, cameras, jewelry etc while you are away from your home.
3. Extra cost in living expenses due to a loss or damage, this can be if something happens to the building you are renting and you have to move out and stay somewhere else until whatever is rectified and this is more expensive.
4. What premium policy add-ons are available? This will cost you more but some of the add-ons include things like engagement and wedding presents, floods and earthquakes and for the extras cost could be worth it.
5. Sharing with other people, do you all need separate policies or can the one renters insurance cover everyone.
6. Discounts. Always ask about discounts, you may have an insurance cover for your car, check if there is a discount for more than one type of policy.
7. How to pay? You may be able to pay by the month, which may suit your budgeting better.
8. What if more than two people are sharing the apartment? Some renters insurance will not pay for a claim if more than two people are sharing. It has to do with security. Even if someone has renters insurance and they move in with a few people, if they need to make a claim, the insurance company may not honor it. Number eight is a very important question, it is at number eight so it will be the last question you read. Make sure it is the first question you ask.
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