Home Owner Renter’s Insurance – Yes, You Really Do Need It

Many people enjoy the convenience of renting a house or apartment. There’s no
real commitment, you don’t have to worry about selling it if you decide to move,
and if something breaks – well, you can usually just call the landlord. Yes,
renters seem to have it easy sometimes! However, despite the convenience, rented
houses or apartments aren’t exempt from risks such as fires and smoke, theft and
vandalism, water and electricity damage, or damage from weather elements. It’s
most likely that your landlord isn’t going to pay to replace all your clothing
should your apartment catch fire or be burglarized. Therefore, you still need to
purchase renter’s insurance.

Renter’s insurance will cover living expenses, with possible limits, if you are
unable to live in your rented home or apartment due to damages. This is
extremely beneficial to those who don’t have family members or friends nearby
with room for boarding. And, if you’re renting a home because it’s more
financially practical for you, there’s good news – renter’s insurance is most
often much less than home owner’s insurance because you’re only insuring your
possessions. Your landlord will have insurance for the house or apartment; the
house or apartment itself isn’t yours to repair

There are two basic policies for renter’s insurance – the actual cash value
policy, which covers the cost to replace your possessions with a deduction for
depreciation up to your policy limit, and the replacement cost policy, which
covers up to your policy limit with no deduction. It’s important to remember
that many policies only cover a certain kind of valuables, so check with your
agent to find out what the limits are. If you need more possessions insured, you
may want to consider purchasing a separate floater policy that will cover the
additional items.

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Home Owners-Renters Be Careful With What You Post on Social Media

The huge growth in social networking is now starting to raise the issue of the risks it can pose for insurers by facilitating burglaries. The fact that young people are most likely to post compromising information (16-24 year olds ranked the highest in every case worst offenders for posting details about their whereabouts and pictures of expensive items that they own) indicates that these could be the households most at risk. This might eventually be reflected in the increases of insurance premiums for certain categories of homeowners.


Don’t give out information that might reveal more about you than you want people to know, especially to strangers and people you have just met

Remember that what feels to you like a private conversation can often be watched online by friends of friends, or complete strangers

Think about using a fun fake name instead of your real name, do not disclose your street address or phone number on your wall or in your profile

Think about the profile photo you use – it might not be a good idea to make yourself appear like someone who is likely to own lots of expensive gear!

Think about the way you write online – it may seem strange, but professional burglars will be put off by people who abbreviate their posts or use ‘text language’ (e.g. u, ur, ttyl, etc.)

Don’t post details of when you are going on vacation, or when you are going to be leaving the house unattended.

Current trends in social networking are clearly part of the new agenda for home insurers, and you should also be very mindful of the potential dangers they entail.

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