The Renter's Guide

So you have moved into your new apartment!  You love it!  You have decorated it as you always imagined it to be.  You bought new furniture or you brought with you the furniture that you already had and have always loved.  You also brought some paintings that you already had, and of course some new prints.  Let's not forget: new dishes, cutlery, sheets, throw pillows and blankets.

Stop for a second and total the value of all these personal belongings.  It all can total to a substantial amount.  It may be all what you have.  But what would happen in the event of a fire, flood, theft or vandalism?  How are you going to replace it?  Where are you going to stay in such a catastrophic event? Your landlord’s insurance does not cover it.  Do you still remember the note that advised you to arrange for “Renter’s Insurance”?  You may have forgotten about it.

A renter should arrange for renter’s insurance upon renting an apartment, house, or a condo unit.  The cost of doing so is very low compared to the amount of the replacement cost for your contents.  You need to contact your insurance agent and if you don't have one, ask a friend or the property manager to recommend one to you.  It is important for you to meet with your agent, provide him with your list of items and the value that you would like them to insure.  Ask him what he can offer you in terms of insurance, in the event that you have to temporarily move to another place, like a hotel.  Remember that most insurance companies have a deductible.  The lower the deductible, the higher the premium will be.  Make sure that all the items which you have insured are listed.  It is always a good idea to take a picture of these items and retain as proof of ownership.  You should also find out what is the process for a claim, in the event that you may need to.  Not all insurance companies provide the same services, so it is up to you to ask before you bind your insurance coverage.

Also, remember to ask about liability insurance.  It should cover you in the event that you are being sued by other tenant, landlord, or visitor.  They may issue a claim against you claiming that that they have suffered damages or had an injury, as a result of your actions.  You should consult your agent as to the amount of liability insurance that you should have in place.  I know that you may say to yourself: what is the likelihood that this will ever happen to me.  You may be surprised that the premium is extremely low and at least you are protected.  It is a good idea to keep your insurance policy certificate somewhere other than in your unit. Please remember to have your agent’s phone number always handy.  Remember that when such a catastrophic event occurs, being organized will help you to overcome such an unfortunate event.  Please be safe.

 

 

Shlomo Sharon is CEO of Taft Management Inc. and a member of CCI since 2002. Taft Management Inc. is an ACMO 2000 Certified Property Management Company and has been providing property management services since 1996. Visit the website www.taft-forward.com for further information or email him at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .