Renters Beware; You also Need to Buy Insurance Policy
Do I need renters insurance for an apartment? Most of the property owners need an insurance policy but now renters also need it. Renters also cover for fires, floods and other disasters. Some rental people think that if landlord has an Umbrella policy then they do not need additional coverage. Some believes that they should not take insurance because their home is not owned to them. But they forget that however they don’t own the building, they own the contents and replacing them could be a major expense.
In recent hurricane, many renters have lost their Goods and chattels without any insurance. MetLife has surveyed recently in which 33% surveyor said that they thought that renters insurance was too expensive and nearly 25% surveyed people said, they thought they were covered by the landlord’s policy. But the fact is different that the building is protected but contents and furniture are not covered. Goods and chattels of renters are not covered in landlord’s policy. This policy charges premium of $125 to $200 a year for a policy covering up to $25,000 of contents and $300,000 in liability protection.
This policy includes circumstances like fire, lightning, windstorm or hail, freezing of plumbing system, ice, snow or sleet damage and theft. Generally, a basic policy will cover clothing, furniture, computers, electronics and such. An additional rider is necessary for antiques items, expensive jewelry, firearms or special equipment. Many insurers also offer policies that also covered if someone injured in home, losses from credit card, check forgery, additional living expenses and the meals to eat out since a person can’t cook.
Be sure about things that not covered under policy. Manager of corporate underwriting for MetLife Auto & Home says that intentional loss, pollution, lead exposure, flood, earthquake and neglecting for care are not covered under policy. Shop around for better products. Many times, people are assuming that his room-mate is insured so that he needs not to be covered with it. Make sure about this.
To get a discount on various policies, sign up all policies (car, health, life, etc.) with one insurance company so that it will give benefit in premium rate. Safety devices like smoke detector, theft catcher remote alarm or sensor also can lower the premium. While taking home insurance, check if all spaces like, garage or a separate storage unit in complex would be covered.
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