The possibility of things happening around us is countless. Anything can happen anytime and anywhere hence the only option left to ensure our safety including what we own.
For those who are renting their place, securing your property should be your priority as you are not covered by the insurance of your landlord. Be reminded that the insurance your landlord filled only applies for his property- which is the building but not your belongings hence securing a renter’s insurance is a must to ensure that even if unwanted events happen you won’t end up having nothing.
Occurrence of the following natural phenomenon or unwanted events accounts for the importance of having a renter’s insurance:
• Fire or lightning
• Windstorm or hail
• Explosion
• Riot or civil commotion
• Aircraft • Vehicles
• Smoke
• Vandalism or malicious mischief
• Theft
•Damage by glass or safety-glazing material that is part of a building
• Volcanic eruption
• Falling objects
• Weight of ice, snow, or sleet
• Water-related damage from home utilities
• Electrical surge damage
There are many insurance companies around that offer fair negotiations with your properties. Though earthquakes, hurricanes and floods are not included for this phenomena happens frequently in some areas. File for a special agreement if the need arises. Upon filing you have to carefully check if the contract mentions actual cash value (ACV) or Replacement Cost Value (RCV). For the actual cash value, the insurance company will be providing the cost of your appliances at that time. This means that the value would depreciate as it gets older. The RCV on the other hand will provide the same amount that you have lost but would involve reimbursement method.
As we are not in control of the situation around us, the probability of moving out of your apartment when it needs some fixing or when you need to transfer to a different place, your renter’s insurance would also be a good help as they can offer you a subsidy until you could finally transfer. Probably, the longest possible time that they would subsidize is until one year. However, the amount of your living expenses will be limited to 30-40 % of your insurance. Included in the list of unwanted events are accidents that may happen because of your property’s fault. And if this will be subject taken into legal accounts, the expenses will also be shouldered by the insurance company.
Others consider having a renter’s insurance to be expensive but it is actually not. You will pay the amount that suits you and besides you get to choose your preference before you sign a contract. Perhaps, they’ll turn out to be your greatest support when the time comes.
With the privileges offered by having a renter’s insurance, having one will definitely be worth it!
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