Insurance Tips For Homeowners And Renters
If you've read any of my blog posts, you'll know I'm both a landlord and a renter. With that in mind, here are some insurance tips that may help you avoid incurring huge penalties and unnecessary expenses if something were to happen to your home or apartment.
- Find out what your deductible is: This means the amount you have to pay for damages before the insurance kicks in. The lower this number is, the more affordable insurance becomes.
- Choose a good company: It's best to avoid insurance companies that have been known for not paying claims on time, giving you an inaccurate estimate of the damages of your issue, or the actual cost of repairs. So ask around and online to find out which insurance companies are good.
- Buy an annual policy instead of a year-to-year policy: This is so you won't need to file a claim every year like most companies do. Little things add up over time - that's why you've probably been buying high coverage plans for years.
- Choose a deductible that's not too high: Some people choose the highest deductible possible just to lower the monthly payments. However, if you ever need to file a claim, you'll regret your decision. It will only take one claim to become a down payment for your next policy.
- Understand your policy: This means reading over the fine print, asking questions, and clarify anything that is unclear. Otherwise you may be in for some serious surprises when filing a claim or signing up with an insurance company in general.
- Watch what you buy: If you buy expensive items like jewelry or electronics, just make sure they're covered by your policy; otherwise expect to pay more for coverings on those specific items.
- Update your policy: If you ever purchase a new computer, TV, or anything that's large enough to be covered by a policy, make sure to update your policy so you don't have any surprises when filing a claim.
- Include equipment protection: This includes extending your home and renter's insurance for items like TVs and computers. Otherwise depending on the specific company you may not be covered for damages if something bad were to happen on or off the premises.
While that's not all of them, it gives you an idea of how important it is to have good insurance. Paying high premiums every year is much better than paying out of pocket if something were to happen to your property.
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Homeowners insurance tips for renters and landlords | January 21, 2012 Tweet Email Reddit This entry was posted by Greg on January 20, 2012 in Rants & Opinions.
For example, in California, no landlord or tenant can charge a fee of any kind against your policy without the consent of your insurance company.
Make sure you check into coverage limits for your specific type of policy. Some may only cover such things as water damage and not electrical damage or fire damage. Others may cover the down payment for your new home.
Renters insurance tips include not only protecting your belongings, but also covering the cost of moving back into your place after a claim if you can't live there any longer. Make sure to check into that as well.
Also, check out policy limits when renting a home and compare to what you are paying in rent because the coverage might be more than what you are paying in rent and help put your mind at ease. Homeowners insurance is something that is always on my mind even when I am traveling because it helps with peace of mind. Even though I don't own my own home yet, I still have renter's insurance . I find that I have to keep up with it, however.For example, in California, no landlord or tenant can charge a fee of any kind against your policy without the consent of your insurance company.Make sure you check into coverage limits for your specific type of policy. Some may only cover such things as water damage and not electrical damage or fire damage. Others may cover the down payment for your new home.Renters insurance tips include not only protecting your belongings, but also covering the cost of moving back into your place after a claim if you can't live there any longer. Make sure to check into that as well.Also, check out policy limits when renting a home and compare to what you are paying in rent because the coverage might be more than what you are paying in rent and help put your mind at ease.
Homeowners Insurance Tips For Renters And Landlords | January 21, 2012 Tweet Email Reddit This entry was posted by Greg on January 20, 2012 in Rants & Opinions.
For example, in California, no landlord or tenant can charge a fee of any kind against your policy without the consent of your insurance company.
Make sure you check into coverage limits for your specific type of policy. Some may only cover such things as water damage and not electrical damage or fire damage. Others may cover the down payment for your new home.
Renters insurance tips include not only protecting your belongings, but also covering the cost of moving back into your place after a claim if you can't live there any longer. Make sure to check into that as well.
Also, check out policy limits when renting a home and compare to what you are paying in rent because the coverage might be more than what you are paying in rent and help put your mind at ease. Homeowners insurance is something that is always on my mind even when I am traveling because it helps with peace of mind. Even though I don't own my own home yet, I still have renter's insurance .
Conclusion
I find that I have to keep up with it, however.For example, in California, no landlord or tenant can charge a fee of any kind against your policy without the consent of your insurance company.Make sure you check into coverage limits for your specific type of policy. Some may only cover such things as water damage and not electrical damage or fire damage. Others may cover the down payment for your new home.Renters insurance tips include not only protecting your belongings, but also covering the cost of moving back into your place after a claim if you can't live there any longer. Make sure to check into that as well.