According to the Insurance Information Institute, “renters are 50 percent more likely than homeowners to be victims of burglars.” Despite this glaring statistic, 96% of homeowners have homeowner’s insurance (likely because its mandated by their lender), only 43 of renters have insurance (likely because it’s often not mandated by the landlord). This is especially scary [...]
If you’re a renter and you haven’t heard about renter’s insurance, you might be wonder what the big deal is. Why is everyone telling you get renter’s insurance? Shouldn’t the owner of the home have homeowners insurance that covers everything in case something bad happens? Why should you have to get another policy, pay another [...]
In short, no.
I never really thought of it in this way but when a landlord is requiring you to get renter’s insurance, they’re really passing off more of the cost of protecting the property to you. See, without insurance, if something happens while you’re there that could be attributed to you, the renter, it’s [...]
No matter how cheap or expensive your homeowners insurance premium is, the most important thing to remember is that safety should your number one priority. If you make your home a safer place to live, your insurance premiums will also fall because increased safety means fewer injuries (or less severe injuries) which will lead to [...]
Monday, December 18, 2006
A recent story in the Times-Tribune drove home a point that some people may have overlooked – insuring a self-storage rental unit. In this particular case, fire, not theft, was the culprit.
Not having a self-storage rental unit myself, I hadn’t even thought about the insurance ramifications of renting a unit. I do know that most [...]
Thursday, November 23, 2006
Gerri Willis’ mid-September Five Tips columns revolved around five tips for sorting out your home insurance claim and for anyone who has never gone through this, it’s important for you to understand these tips before you need to – here is the third tip.
Tip #3: Sort and document
Documentation is the cornerstone to any financial dealing [...]
Saturday, November 4, 2006
Unfortunately, sometimes an event will occur that your homeowner’s or renter’s insurance won’t cover (say flood damage if you don’t have separate flood insurance or a jewelry theft without the necessary jewelry riders) and in those cases there may be a way for you to recover part of the financial impact. If there was a [...]
Wednesday, September 20, 2006
There are six types of homeowners insurance (HO-1, HO-2, HO-3, HO-4, HO-6, HO-8) and each one refers to a different type of homeowners insurance policy. The types differ by what they cover (named perils) and what they don’t, differ in price (obviously, since they differ in coverage), but what they cover is standardized by the [...]
It’s August and if you’re like many Americans with college bound kids, you’re preparing for the start of their school year. If it’s your first, then one thing you might not know is that your homeowners or renters insurance will cover their possessions while they’re at school.
Your kid might be bringing something as inexpensive as [...]
This is one of those cornerstone ideas when it comes to homeowner’s and renter’s insurance, will your insurance company give you the actual cash value (ACV) of a loss or will they give you the replacement cost? The two are entirely different and it’s important that you review your policy to see what you have. [...]