A friend Sally just recently moved into a renovated loft apartment building that is primarily inhabited by artists and students. It’s a lively, wonderful environment but she soon realized also potentially full of hazards.
Sally qualified for an artist-in-residence apartment because her income is low, but she inherited fine art from her parents and some nice furniture – and will be taking that with her to the new place.
The management company suggested looking into Renter’s Insurance when she signed the lease.
Why get renter’s insurance?
She never considered purchasing Renter’s Insurance before, but she soon realized that it might make sense. Sally discovered a welder and glass blower were also moving into the apartment building that comprised living and work space.
This may not be what the average renter encounters.
However, how well do you know your neighbors? Does your next door neighbor smoke in bed? Are they forgetful and leave the iron on?
Any scenario is possible.
I’ve even been guilty of forgetting to turn off an iron – luckily it had an auto shut off.
When Sally inquired about Renter’s Insurance pricing, it made no sense not to get it. The average price of a policy to cover a small one bedroom, including furnishings, some art work and electronics valued up to $25K was less than $20 a month. The buildings construction, whether it has a sprinkler system, a fire alarm system ( hard wired with alarm going directly to the fire station or local call in?) your zip code and if you have a history of claims, all factor into the individual quote.
When Sally decided to get a quote she started with her insurance agency that handles her car insurance, but found another agent was more competitive, so went with them.
Often you can get a better deal from your current insurance company if you have multiple policies with them – or have been with them a long time. Her policy covers replacement value.
When getting insurance quotes clarify the existing value versus replacement value of an item. It can make a difference if you have a claim. And if you have any fine art in your apartment you may need an additional rider and a professional estimate of value.
It’s also a very good idea to document what you do own, by taking pictures and if you have the receipts keep in a file that is not kept in the home.
A bank deposit box is ideal.
Sally feels if she can have peace of mind – for about the cost of a movie – it is well worth it.
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