Obtaining renters insurance is a must if you are renting any type of a rental home or apartment. A homeowner has an insurance policy to protect their dwelling, the structure and interior, this does not cover your belongings or issues that may occur directly caused or affected by you.
Purchasing average renters insurance coverage is relatively inexpensive at around $300 per year. Be sure to read and understand your policy to ensure adequate rental home insurance coverage of your personal belongings, and renters liability insurance if someone falls or is injured or if there is damage done at the property that is determined to be your responsibility.
Check several companies for quotes on tenant's insurance and be sure to write down and photograph your belongings at the beginning of your policy. The insurance company should provide a list of basic personal items as a reminder so nothing is missed. Also, determine if your policy has current value or replacement value for lost, stolen or damaged items in your rental home.
Actual cash value is the actual cash value or replacement cost at the time. What an item may sale for at the time of loss. Replacement cost minus depreciation.
Replacement Cost is just as it sounds. What is the cost for replacement at the time of loss? What is the cost for replacement at the time of loss? The premiums for replacement cost are a bit higher than actual cash value.
Know and understand the difference and how each one of these policy types could affect you. The cost for each is virtually the same in price. Make sure you obtain the coverage that best suits you. Remember, the homeowner or property manager carry insurance but none have coverage for you or your personal belongings. You must purchase your own rental home insurance coverage.
For additional information on this and other renting articles please visit our web site at http://www.mrpmrentals.com/
Mountain Ridge Property Management
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