Whether you are renting a house or an apartment, Navigators Insurance brokers will design a renters insurance package that will protect your possessions and give you peace of mind. It’s a common mistake to think that you don’t own enough to warrant protection. But consider the replacement cost of everything in your apartment or house right now. Think about how much you originally paid for items such as:
- Computer equipment
- Televisions and stereo equipment
- Musical instruments
- Rugs and art
- Any upgrades to your kitchen or bedroom: fixtures, hinges, handles or countertops
Renters Insurance is Very Affordable
If you consider the fact that you most likely won’t be able to afford to replace damaged, stolen or destroyed items, you can easily afford to be reimbursed for their full value. Many renters don’t consider insurance because they don’t feel a sense of ownership towards the property. But they forget that the possessions within their home are what make it their home. Even if you think insurance is only for people who own property, consider what you do own.
Does Your Landlord Cover Renters Insurance?
If you are renting an apartment in a commercially managed building, the odds are your landlord or property owner has sufficient insurance to cover themselves in the event something happens to their investment property. The problem is that in most cases, their policy does not include the contents of your unit. Should you suffer a fire, a flood or a theft, it will be up to you to recoup the losses.
Are you renting a house?
Renting a house has its own set of particular perils that can be addressed by a renters insurance policy. If you’re renting a house, major problems can create havoc on its occupants. Houses are particular vulnerable to:
- Burst pipes from freezing
- Lightening strikes
- Windstorm or hail damage
Inventory Lists Help Support Renters Insurance Protection
It’s surprising the think that we could accumulate so many things that have value. As years pass the more your inventory can grow and before you know it, there is a significant amount invested in your possessions. Have you done an inventory recently? A broker can help advise you on the easiest and fastest method to take stock of what you own. Some advice might include: making a walk-through video of your rental unit or, using a spreadsheet to input items and value (there is even software for just this purpose in mind.) Be sure to pay particular attention to those items that you know are valuable: antiques, professional equipment, etc.
For house-dwellers seeking renters insurance, an inventory can also be made of sheds, attics and garages. Storage is an area that sometimes gets overlooked, but for insurance purposes, the more accurate and through an inventory, the more accurate a quote you will receive. And ultimately, the more you will be reimbursed by your insurer.
To finish your inventory, make sure to include as much information as well. For example, provide brief descriptions of the items to which you wish pay special attention. Mark down and store info like:
- Brand name
- Model name
- Serial number
- Receipts showing ownership
- Credit card statements
- Documents proving transactions
If you have had a professional appraisal done for specialty items such as antiques, jewellery and collectibles, make sure to provide the name and address of the appraiser.
Once you’ve got your extensive list, do two things: (1) Make copies; and (2) contact a broker and get a quote on renters insurance.
Renters Insurance Protection Beyond Possessions
Your landlord’s policy will be unlikely to protect you in event that someone is injured or seeks damages from you due to an incident that takes place in your unit. Personal liability is covered as part of a renters insurance agreement. This means that your current and future earnings are not in danger of being affected due to a lawsuit. In some cases, renters insurance may even be able to pay for your legal defence costs should the case continue on into the court system.
Remember, however, that some exclusions do exist. Renters insurance cannot protect you if you injure someone intentionally in your apartment. Nor does it cover for businesses being operated out of your dwelling.
The best advice is to talk with a Navigators broker today to figure out a policy that fits your lifestyle and your budget. For less than half the cost of your cellphone bill, you may be able to get protection for your living space. Insurance protection can let you breathe a little easier when you’re considering buying something new for you home.