Life Happens 365 - Are You Managing the Risk?

By Diane Tait Whether you’re a seasoned renter who’s moved many times, or you’ve just sold your home and are looking for a place to rent while your new home is being built, you need to know how to size up a rental property before you sign the lease.  

By Diane Tait Image courtesy flickr Recently we shot a YouTube video that dealt with personal auto and renter’s insurance (which you may view below).   So, I thought it would be a good idea to cover the ins and outs of renter’s insurance in this week’s blog.   If you rent a house, condo or apartment, you may assume that everything contained therein is covered by your landlord’s homeowner’s policy.   That assumption could cost you big were your unit to be burglarized, flooded or burnt up in a fire.   Contrary to popular opinion, the only thing that your landlord’s homeowner’s policy covers is the structure and anything like major appliances, rugs and fixtures contained therein that are owned by the landlord.   As far as your personal property and furnishings are concerned, you’re on your own if calamity were to strike and you’re uninsured.    

By Diane Tait Image courtesy Pixabay If you rent your home instead of owning it, you may have considered renter’s insurance.   Like homeowner’s insurance, a renter’s policy is there to cover your assets that could wind up lost damaged or destroyed by such things as theft, fire, flood or storm.   The reason more renters don’t follow through and acquire renter’s insurance is because they feel the costs outweigh the risks. Unlike a homeowner, if the house, apartment or room you rent is damaged or destroyed by fire or water, all you’re out are your belongings.   The property itself has no value to you other than putting a roof over your head, right?   Well, not exactly as you’ll soon find out below.