Every single one of us at some point or another has rented an apartment, and chances are, that at some time you were a renter without renter’s insurance. Renter’s insurance is a concept that many people don’t even think about. But, in spite of this, renter’s insurance is exceptionally important and can be a huge factor in saving yourself huge amounts of money. There are a number of different types of renter’s insurance as well as a number of companies that offer renter’s insurance.
Read on to discover why renter’s insurance is so important, what a typical renter’s insurance policy looks like, and how you can get renter’s insurance today.
What Is Renter’s Insurance?
Usually the first time people consider getting themselves some time of insurance other than health insurance is when they are looking into buying a car or a home. While these types of insurance are pretty much necessary, renter’s insurance is equally as important. Renter’s insurance is an insurance policy you basically are taking out on your personal possessions when you are renting a residence.
Renter’s insurance will not only protect your personal items, but can also help in providing temporary housing for you in the interim period after your residence has been damaged. Additionally, renters insurance will also cover liability or any damage you cause to other people or their property. Overall, renter’s insurance is a great way to protect yourself and your belongings before you actually own a home.
http://www.selectinsuranceteam.com/selectinsuranceblog.html
Showing posts with label affordable renters insurance. Show all posts
Showing posts with label affordable renters insurance. Show all posts
Wednesday, May 25, 2011
Sunday, May 8, 2011
Important facts to know about vacant homes
Did you know that your Homeowners Insurance policy will severely restrict your coverage if your home is left vacant or unoccupied for more than 30 days, and in most cases will exclude all coverage if the home is vacant for more than 60 days?
In today’s real estate market, more and more investors are faced with owning vacant or unoccupied homes. It is more important than ever that you make sure that your investments are properly covered from further downside risk. Whether your home is on the market, between tenants, or undergoing a renovation, regular insurers do not like vacant properties...but we know and understand the unique needs of investors who require insurance on their vacant dwellings.
Unfortunately, vacant homes are at much greater risk of vandalism, fire, and water damage losses. For this reason, owners are faced with a double whammy…reduction in coverage, and higher premiums related to Vacant Dwelling insurance.
Select Insurance Group is a nationally licensed specialty insurance agency providing vacant home insurance coverage through more than 30 insurance providers for the unique needs of real estate investors, whether your home is currently rented or vacant.
We will insure your home, whether it is a single family residence, duplex, or under renovation. But we will only insure vacant dwellings, rental dwellings, and second/seasonal homes…that is why we are the experts and can always obtain the best coverage and rates to suit your particular needs.
Not sure which policy is right for you? Click here to shop insurance options available to you or call 1-855-GET-SELECT (438-7353) today.
In today’s real estate market, more and more investors are faced with owning vacant or unoccupied homes. It is more important than ever that you make sure that your investments are properly covered from further downside risk. Whether your home is on the market, between tenants, or undergoing a renovation, regular insurers do not like vacant properties...but we know and understand the unique needs of investors who require insurance on their vacant dwellings.
Unfortunately, vacant homes are at much greater risk of vandalism, fire, and water damage losses. For this reason, owners are faced with a double whammy…reduction in coverage, and higher premiums related to Vacant Dwelling insurance.
Select Insurance Group is a nationally licensed specialty insurance agency providing vacant home insurance coverage through more than 30 insurance providers for the unique needs of real estate investors, whether your home is currently rented or vacant.
We will insure your home, whether it is a single family residence, duplex, or under renovation. But we will only insure vacant dwellings, rental dwellings, and second/seasonal homes…that is why we are the experts and can always obtain the best coverage and rates to suit your particular needs.
Not sure which policy is right for you? Click here to shop insurance options available to you or call 1-855-GET-SELECT (438-7353) today.
Sunday, April 17, 2011
Making sure your rental properties are properly insured
Rental property insurance, or landlord insurance, is your key "risk management" tactic, but it is not foolproof. You cannot completely eliminate risk from this or any other investment strategy. Your single goal is to manage – and minimize – your exposure to risk and hence potential lawsuits.
And if you're looking for low cost landlord insurance, forget it! This is one area where you get what you pay for. Of course you can and should price shop, but your primary goal is to get the coverage you need to fully protect yourself, not to save pennies.
Things to watch out for...
Fire insurance or "HO-2". This covers exactly what you're seeing... FIRE. No wind, hail, vandalism, theft, destruction, etc. FIRE is ALL. So many people do not realize you can get a landlord policy that will cover all the "non-coverage" points I have mentioned above AND add loss of rent. So if a person skips out on rent, you will have coverage to keep your income rolling in until you find a new/better renter for your property.
I would also advise you require & build an adequate renters insurance (HO-4)plan into the property ( that way you will know coverage is in force).
While adequate rental property insurance is your first line of defense, it should represent only one pillar of your overarching risk management strategy. Other ways to manage your risk include:
Manage your income property activity as a real estate LLC.
Eliminate hazardous conditions on the property as soon as you become aware of them (loose steps, loose hand rails, perpetually icy walkways, etc.).
Hire out any repairs that could result in injury if not done properly (repairing steps on a fire escape, electrical work, structural repair, etc.).
Do not let tenants make any substantial repairs for you.
Make sure contractors are licensed, bonded and insured (liability & workman's comp.).
Carefully conduct rental credit checks on tenants to reduce the chance that you'll get stuck with a bad apple.
Do not give tenants your home address – get a P.O. box.
But again, your first line of defense is to have good landlord insurance protection to cover yourself against extensive property damage and lawsuits.
I have worked with hundreds of landlords and insured even more properties. Call me at 1-855-GET-SELECT (438-7353). Let me put my experience to work for you. I will make sure you are PROPERLY insured.
And if you're looking for low cost landlord insurance, forget it! This is one area where you get what you pay for. Of course you can and should price shop, but your primary goal is to get the coverage you need to fully protect yourself, not to save pennies.
Things to watch out for...
Fire insurance or "HO-2". This covers exactly what you're seeing... FIRE. No wind, hail, vandalism, theft, destruction, etc. FIRE is ALL. So many people do not realize you can get a landlord policy that will cover all the "non-coverage" points I have mentioned above AND add loss of rent. So if a person skips out on rent, you will have coverage to keep your income rolling in until you find a new/better renter for your property.
I would also advise you require & build an adequate renters insurance (HO-4)plan into the property ( that way you will know coverage is in force).
While adequate rental property insurance is your first line of defense, it should represent only one pillar of your overarching risk management strategy. Other ways to manage your risk include:
Manage your income property activity as a real estate LLC.
Eliminate hazardous conditions on the property as soon as you become aware of them (loose steps, loose hand rails, perpetually icy walkways, etc.).
Hire out any repairs that could result in injury if not done properly (repairing steps on a fire escape, electrical work, structural repair, etc.).
Do not let tenants make any substantial repairs for you.
Make sure contractors are licensed, bonded and insured (liability & workman's comp.).
Carefully conduct rental credit checks on tenants to reduce the chance that you'll get stuck with a bad apple.
Do not give tenants your home address – get a P.O. box.
But again, your first line of defense is to have good landlord insurance protection to cover yourself against extensive property damage and lawsuits.
I have worked with hundreds of landlords and insured even more properties. Call me at 1-855-GET-SELECT (438-7353). Let me put my experience to work for you. I will make sure you are PROPERLY insured.
Saturday, April 17, 2010
Renter's Insurance In a Nutshell: What You Need to Know
The last thing on your mind when renting a home or apartment is probably renter's insurance right? Renter's insurance can bring you a peace of mind that you are protected from life's unpredictable events. You may assume that you are covered under your landlord's insurance, but that is not always the case. Your landlord's insurance policy probably only covers damages to the actual building structure or anything attached to the structure (ex:gutters, awnings, roof, etc); not your actual possessions. Renter's insurance actually ensures that you can protect your own possession from a disastrous scenario.
Here is what you need to know about renter's insurance in a nutshell:
What is Renter's Insurance?
Renter's insurance typically covers the losses of your possessions. It is similar to homeowner's insurance except it does not include coverage of damage to the actual building you live (your landlord's worry).
It covers the costs of replacing personal items that are stolen, damaged, or destroyed. According to MSN Money, some of the types of disasters that are typically covered by renter's insurance are:
•Fire or lightning
•Windstorm or hail
•Explosion
•Riot or civil commotion
•Aircraft
•Vehicles
•Smoke
•Vandalism or malicious mischief
•Theft
•Damage by glass or safety-glazing material that is part of a building
•Volcanic eruption
•Falling objects
•Weight of ice, snow, or sleet
•Water-related damage from home utilities
•Electrical surge damage
Do take note that renter's insurance does not typically cover flood damage or earthquake damage.
What Does It Cover?
What renter's insurance covers varies. Your insurance will typically cover the following:
•Electronics
•Clothes
•Furniture
•Sports Equipment
•Appliances
•Jewelry
•Collectibles
Keep in mind that actual value coverage is vastly different than replacement value coverage. If you have an old sound system that you bought for a pretty penny back in 2000, it may not be worth much in actual value. If you have to replace that sound system, it will probably cost more. Make sure you know if you are covered for actual value versus replacement cost.
The one nice perk about renter's insurance is that it covers your possessions even if the damage occurs outside of home. Let's say you are outside and someone steals your wedding band. You are typically covered by renter's insurance.
It Protects You From Liability
Renter's insurance also often covers you from many types of liability -- such as someone getting injured in your home, damage you cause to another person't property (you mess up the neighbor's house), and housing costs if your own home becomes uninhabitable.
In the end, paying for renter's insurance is worth the hassle because it protects you from a host of bad things that no one can predict. It is one of those things that no one really thinks about, but when you are in a pinch, you are glad it is there.
Here is what you need to know about renter's insurance in a nutshell:
What is Renter's Insurance?
Renter's insurance typically covers the losses of your possessions. It is similar to homeowner's insurance except it does not include coverage of damage to the actual building you live (your landlord's worry).
It covers the costs of replacing personal items that are stolen, damaged, or destroyed. According to MSN Money, some of the types of disasters that are typically covered by renter's insurance are:
•Fire or lightning
•Windstorm or hail
•Explosion
•Riot or civil commotion
•Aircraft
•Vehicles
•Smoke
•Vandalism or malicious mischief
•Theft
•Damage by glass or safety-glazing material that is part of a building
•Volcanic eruption
•Falling objects
•Weight of ice, snow, or sleet
•Water-related damage from home utilities
•Electrical surge damage
Do take note that renter's insurance does not typically cover flood damage or earthquake damage.
What Does It Cover?
What renter's insurance covers varies. Your insurance will typically cover the following:
•Electronics
•Clothes
•Furniture
•Sports Equipment
•Appliances
•Jewelry
•Collectibles
Keep in mind that actual value coverage is vastly different than replacement value coverage. If you have an old sound system that you bought for a pretty penny back in 2000, it may not be worth much in actual value. If you have to replace that sound system, it will probably cost more. Make sure you know if you are covered for actual value versus replacement cost.
The one nice perk about renter's insurance is that it covers your possessions even if the damage occurs outside of home. Let's say you are outside and someone steals your wedding band. You are typically covered by renter's insurance.
It Protects You From Liability
Renter's insurance also often covers you from many types of liability -- such as someone getting injured in your home, damage you cause to another person't property (you mess up the neighbor's house), and housing costs if your own home becomes uninhabitable.
In the end, paying for renter's insurance is worth the hassle because it protects you from a host of bad things that no one can predict. It is one of those things that no one really thinks about, but when you are in a pinch, you are glad it is there.
Subscribe to:
Posts (Atom)