Courtesy of iii.org Creating and updating an inventory of your personal possessions is one of the best ways to make the most of your homeowners or renters insurance, and makes filing a claim easier and more efficient. A home inventory is simply a list of your personal possessions along with their estimated financial value. You can create a home inventory in a simple, low-tech manner by writing down everything in a notebook and keeping receipts in a folder. Or you can take advantage of technology and use a digital camera or smart phone or app to make your record. No matter how you choose to do it, the important thing is to take action. An up-to-date home inventory will: Help you purchase the right amount and type of insurance. Having an accurate list of all your possessions helps you to have a more productive conversation with your insurance professional when making decisions about homeowners or renters insurance coverage. After all, if you don’t know what you have, how …
Renters Insurance
Hurricane Season Coming Soon, Renters Guide
Courtesy of iii.org RENTERS INSURANCE If you rent, rather than own, your home, have you bought renters insurance? While your landlord may provide insurance coverage for the structure of your home, as a renter you are responsible for your own belongings. Renters insurance covers the loss or destruction of your possessions if they are damaged by a hurricane or other disaster listed in the policy. A standard renters insurance policy also includes ALE coverage if you are unable to live in your house or apartment due to damage caused by a hurricane. Flood insurance is also available for renters. However, as for homeowners, the NFIP flood insurance policies for renters do not include ALE coverage. Don’t wait to review and update your insurance until after you have a loss—there are few things worse than finding out you did not have the right kind of coverage when you are already filing a claim. So before hurricane season kicks off, make sure you’ve reviewed home or renters …
Why Don’t You Have Renters Insurance?
Courtesy of iii.org Hey guys, I know you’re busy having fun watching football, but it’s time for us to have a talk about renters insurance. Why? Because the I.I.I. found that only 37 percent of renters have renters insurance. Which is bad, because renters insurance is important and good. One of the most important things renters insurance covers is damage to your personal property. Your landlord’s insurance probably doesn’t cover any of your personal belongings if a covered loss happens to the apartment. (Covered losses usually include fire, water damage from an overflowing sink, theft, vandalism, and a few other things. But be sure to talk to an agent and read your policy because different companies often vary in their wording.) It’s important because you own things The first objection I often hear about renters insurance is “Lucian, I don’t need it because I don’t own a lot of stuff.” Yes, we’re all about minimalist Instagram chic in theory. But in practice, we own a …