House prices remain beyond most people’s reach because of how expensive they get. In addition, mortgages are also very difficult to come by as banks continue to tighten their lending criteria. For this reason, most people are still in the renting bracket as they work their way to owning personal homes. However, renting comes with certain responsibilities including paying bills, and rent which can be overwhelming.
Sometimes the last thing on a tenant’s mind is to get content insurance for his or her personal items/ this is a mistake that most of the tenants commit as they can only gain by taking tenant insurance cover as opposed to staying without. In case of an accident, you are not likely to lose everything.
Tenants may not be required by the law to insure their possessions and property against any form of damage; it is a sensible idea to do so. In fact, certain proprietors may request you to take this form of insurance before permitting you into their property. In general this policy covers several things including your clothes and jewelry, electronics, gadgets and appliances, digital media, books and CDs, cutlery and cookery, antiques and family heirloom, old Christmas decorations that you want to keep, an old bike as well as personal furnishings and furniture.
The rule of thumb is that anything you move into the rented house with will automatically fall under the possible insured contents. When you stop to think about it, the tenant insurance premium is a well-deserved cover considering the many things that you stand to lose through fires, floods or theft. In addition, you need to get an estimate or have an idea of what value each of the property you own could be valued at. You may have to use a contents calculator tool to know how much your content are worth.
Tenant Insurance Coverages
Content insurance policy for tenants covers everything in the form of personal possessions against any losses and damage by fire, smoke, lightening, and theft. In addition to the personal items your furniture, machines, and other items are also covered. However, it pays to look at the different insurance policies as the coverage differs depending on the insurer in question.
The cover variations could get complicated in some instances for example if you live in a shared apartment like student hostels, not every item will be covered. Another good example that insurers fail to cover are furnished apartments. Some insurers will not cater for items that you found in an already furnished apartment. You should not confuse building insurance, which covers the building structure since this is the responsibility of the property owner. Regardless of the complexities that may be experienced when choosing a tenant insurance the bottom line still remains that it is an important step.
What are the cost implications?
In as much as tenant insurance is important most tenants hold back for fear of expenses. The difficulty in working out the exact amount of money it will cost you to replace your home’s contents does not help matters in any way. The best move would be to make your own list of items that you own and try to value it even though the insurer of choice may try to suggest content calculation using specialized apps.
Make sure you keep the figure up to date and inform your insurer if you buy an expensive item such as a flat screen TV as this may affect your contents cover and eventually interfere with your compensation in case something goes wrong in your home.
Remember to give the details of any items that you own which is particularly very valuable. You do not want to take a tenant insurance cover blindly only to realize that there is a limited cover for the item due to its expensive nature. Read the fine prints to make sure that you understand everything about the policy to take the most appropriate action.
Is Basic Policy Adequate?
A basic policy cover is going to be cheaper than a policy that has a wider coverage range. However, if you have extra items that you consider very valuable then you should consider getting a better cover. After all the cover will be worth the extra premium when something you, love gets lost. You can always extend your policy to cover personal possessions even when you are out of your home. This will give peace of mind especially because the additional cover should not be too expensive for you to afford.
Saving on Tenant Insurance
With great quotes for tenant insurance, you are definitely going to save some money on a policy that will give you peace of mind. However, you need to be keen not to fall for the cheapest quotes lest it does not cover everything you want. Working with an agent is the best way to secure the best policy. Taking this insurance may be your only way to protect your items as long as you continue living in a rented apartment. You can never be too sure when sharing the same floor with other tenants what can happen to your property no matter how secure you think the place is.
Your tenant insurance cover is meant to protect your property against theft, floods or fires. The question is what happens when your iPhone accidentally falls down the toilet? Well, it is obvious that you need to get a policy that will cover your every angle of your property. Tenant policies with liability coverage may come handy in such instances. What remains true though is that you need to get insurance for your rented apartment if you are increase your chances of saving time and money as you will not have to replace any of your items when calamity strikes.