Home Insurance

Obtain Inexpensive Renter’s Insurance

Depending on whom you rent from, sometimes renters insurance is required; it will depend on the landlord. Even if you are not required by your landlord to obtain renter’s insurance, it still is not a bad idea. Renter’s insurance is great whether you live in a house, condo, or an apartment.

You could say that there is an art to purchasing this type of coverage. For one thing, you should not be against it, as it has your best interests at heart, and those of your family, visitors, and even your landlord. Your insurance policy will cover you, your belongings, and your family, as well as any visitors that may come to your home.

If you have roommates that are not related to you, they will have to have their own insurance policies, as coverage under the same roof only applies to family members.

Because you are not related, that means that there are two different sets of personal belongings, meaning that there needs to be two separate policies to cover them. Also, if one roommate buys insurance and one does not, the one who does not must understand that his or her property is not covered under the other’s policy. Some of the stipulations are subject to change, as it all depends on the insurance carrier that you choose to purchase your policy from.

Before two or more people decide to live together, the etiquette of renter’s insurance should be discussed fully. It should be well understood by all parties what is and is not covered under the respective policies. For the best information, call your local insurance provider and find out what their coverage policies are when it comes to renter’s insurance.

Contents Insurance for Tenants

photo credit: Wonderlane

Tenants often don’t need the same type of contents insurance as people who are buying their own homes.  A tenant doesn’t need to protect the building that they live in as that is the responsibility of the landlord who owns the property.  Landlords should have their own Landlord Insurance cover.

Buildings Insurance shouldn’t be a concern but it is always a good idea to have contents insurance for tenants.  This protects any belongings that a tenant owns in the property or doesn’t want to lose.

It’s important to look carefully at the contents insurance policy wording to check if you are covered for the items that you actually need to be covered for.  Some policies don’t cover expensive items as standard, this can be items over £2000 very often.  You will then need to buy additional cover for valuable items should you have expensive jewellery, electronic equipment, or anything else.

Alongside your contents insurance you could also be offered cover for accidental damage.  This will generally be an extra too.  It covers your possessions should you accidentally damage something, for example by spilling something on a piece of electronic equipment.

Landlords do not need to provide contents insurance for their tenants, it is the tenants responsibility to find their own insurance, so tenants need to be aware of this if they are renting for the first time.  This is particularly true in the case of students who might not think about taking out contents insurance cover.

There are a number of ways to make sure you don’t pay too much for your contents insurance.  One of the best ways is to shop around online to find the best deal.  There are numerous places you can compare quotes online, so you can look at different quotes side  by side and judge which is best value for you.

How a CCTV Drain Survey Can Help with Your Insurance Claim

photo credit: sub-urban.com 

When you’re buying a property, you have all sorts of surveys conducted to find out whether there are any problems with your new property and the land it stands on. One thing you may not consider however, and which is often not included in property surveys, is a drainage survey. However, one of these could be invaluable if you ever need to make an insurance claim for damage caused by blocked drains.

If you do not have a drainage survey when buying a new home, this could lead to serious problems and costly repairs down the line. Collapses, subsidence, invasive tree roots and cracked or broken pipes could all pose problems, especially if the property you are buying is old or has been empty for a long time.

This is where a drain survey comes in. This involves a digital CCTV camera being fed through the pipes, recording everything along the way. The drain cleaning engineer can view these images on a monitor and find any current or potential problems.

You usually have to pay for these surveys yourself, but the cost is definitely worth it, especially when you weigh it up against the possible cost of damage and repairs later on. Even if your survey doesn’t find any current problems, it may highlight something that could become a problem in the future, allowing you to fix it before it causes any damage. Even the smallest everyday wear and tear could become more serious if it’s allowed to go unchecked.

Drains surveys can also help when it comes to insurance claims. CCTV drain survey providers will be able to provide you with the results of your survey in several ways. You can request a DVD copy of the inspection, a series of still images, or a written report. These are essential if you want to make a claim, as you will be asked by your insurance company to provide full documentation of the problem and any other issues that might show up.

Make sure you read your policy carefully when making a claim, too. Some insurers do not cover shared drains, for example. If you are not covered, you can take out insurance specifically intended for drainage and plumbing, which will cover you against a range of issues concerning drainage, structural damage, your boiler and so on.

Your home insurance company might even refuse to pay out in the event of drainage issues, especially if they are related to structural problems, as they may question why you did not undertake a drains survey during the buying process.

So, it’s a good idea to request a CCTV drains survey, especially if you’re buying a property. But even if you’re not, it’s a good idea to have one anyway. You never know what might turn up, and it’s always best to err on the side of caution.  

Author Bio

Helen Laird writes for Blitz Drainage in Nottingham, a family-run company specialising in CCTV drain surveys and drain cleaning.

Insuring Your Diamonds

photo credit: sylvar

Insuring Your Diamonds – Some Important Advice

Diamonds have been a target for both petty thieves and organised criminals since the year dot. Protecting them is a necessity form both a sentimental and monetary point of view. All of your high end diamond jewellery like wedding rings, engagement rings and pendants are likely to carry of a fairly high price tag as well as some sentimental value -it is worth checking that they are going to be insured correctly in the event of loss, damage or theft.

Step 1. Has your diamond jewellery been valued recently?
You would be alarmed how many people have never has their diamond jewellery valued ever – never mind recently. Current economic climates around the globe mean that prices and values for all type of jewellery – diamond included – has been going up and down on a regular basis. Get in contact with a reputable valuer for an up to the minute valuation. You may be surprised what some of your jewellery may be worth.

Step 2. Insuring your diamond jewellery
After you have got an up to date valuation you need to be taking out insurance that reflects this., Many people believe their home contents insurance will be enough but you will probably find that your diamonds are worth more than the policy allows you to claim for a single item (hence a thorough valuation beforehand). It is always wise to pot for a specialist diamond insurance jeweller to ensure that you get a good deal. Make sure that you don’t cut corners – remember the sentimental value that will be attached to these pieces, especially if they are wedding or engagement rings.

Step 3. Thorough investigation
Make sure you are familiar with the nuances of a particular policy before taking out the insurance for your diamonds. You may find that some policies only cover items that are kept in a safe – which is of no value to you if are wearing a diamond wedding ring or engagement ring. Make sure that the policy covers you for the full amount and check the excess that is connected with the policy. Something else that you may want to keep an eye out for is jeweller specific replacements. Some companies will work closely with specific jewellers and will only let you replace the diamond jewellery with a piece form their chosen jewellers. This, of course, is no good for a piece that came from a specific jeweller.

Essentially you need to make sure all your bases are covered and that you spend sufficient time investigating both the jewellery itself and the policies you have. When you are satisfied with these you can seek out the most appropriate insurance for you and your diamonds.

Do you need renters insurance?

photo credit: cocoate.com
 

This is a guest post by Andre, who is part of the team that manages Australian Credit Cards, a low interest credit card comparison service based in Sydney, Australia.

Most homeowners want to protect their house and personal belongings against loss or damage, so they buy an insurance policy that caters to their needs best. A house is not just a dwelling place to eat and sleep in—it’s a considerable financial investment that needs protection.

However, if you are simply renting a room or a house, you might ask yourself: do I still need to get insurance?

The answer is yes. Most people who don’t own their current places of abode mistakenly believe that the general insurance policy over the physical structure they rent includes them in the coverage, or that their personal property aren’t worth much and therefore don’t need to be insured against loss or damage. This couldn’t be farther from the truth. Renters do need to purchase additional insurance for their belongings for their own peace of mind and financial security.

Some landlords make obtaining a renter’s insurance a prerequisite to signing the deal on the property. But even if obtaining a separate insurance is not part of your leasing requirements, you should still make sure that you get adequate insurance protection. Remember that any loss or damage to your personal belongings will not be shouldered by your landlord in any way, so you should look out for your own interests.

Consider the following points before you go ahead and buy a renter’s insurance policy:

How much coverage do you really need?

Not all the items in your rented home or apartment needs to be insured. The rule of thumb is that you must decide which items have the highest current and/or cost of replacement values, as these will cause you the greatest financial setback in case of loss or damage.

Perhaps you own an expensive state-of-the-art home entertainment system, a few pieces of antique furniture that’s been in your family for generations or a really pricey set of diamond jewelry. These things matter to you not just because of their pecuniary value, but also because of the memories and stories associated with them. 

Therefore, insuring them against loss or damage is a wise move because you will at least receive monetary compensation should they get lost or damaged in your rented premises. The more items you include in the coverage, the higher the premium you have to pay each month.

Finally, take note of the prices of the items you have in your rented unit and the purchase dates so you can keep track of any fluctuation in value and adjust your insurance coverage accordingly. You can take videos or pictures of the premises regularly so you can protect yourself in case you have a dispute with the insurer when you need to collect on your premium.

What type of coverage do you need?

Different policies insure against different types of loss and/or damage, so be sure to shop around for options so you get the best value for your money. Most standard renter’s insurance policies insure your belongings against fire, lightning, hail, windstorm, theft and burglary. Others provide extended coverage for your belongings even when they are not inside the rented unit or while you are travelling.

Moreover, some insurance policies don’t just cover the contents of your rented home or apartment. It may also include a third-party liability clause that covers medical expenses incurred by anyone who might get injured while inside your premises.

The insurance may also protect you against claims from your landlord should he ask you to pay for alleged damages to the property at the end of your lease term, making it unlivable and therefore no longer profitable for the landlord. 

Most insurance companies don’t include flood and earthquakes in their standard policies, but if you live in an area where these natural disasters are common, it is advisable for you to purchase an additional rider extending your coverage.

What kind of payout  scheme do you prefer?

There are also various indemnity payouts you can avail of, replacement cost or actual cash value (ACV). The former allows you to recover the actual cost of replacing the items lost or stolen, with no deduction for depreciation.

On the other hand, the ACV scheme takes into account the replacement cost minus depreciation, and you are able to recover the item value at the time of the loss itself. A replacement-cost coverage is relatively more expensive, but at least you get you everything back at their purchase price.

At the end of the day, an insurance policy can only do so much for you. It will not prevent natural calamities or crimes from happening. You should also do your share towards keeping your rented unit safe from certain occurrences such as fire or burglary. Make sure that you lock up your premises securely every time you leave, especially if you are going to be away for a long time. Install fire and burglar alarms as well as sprinkler systems to further protect your rented unit.

Once you have your renters insurance settled this California moving company will help finish your transition into your new place.

Finding UK Short Term Home Insurance

Finding Short Term UK Home Insurance

We all assume that UK home insurance will be bought in an annual policy, but what if you don’t need it for the full year? There are plenty of reasons that you might need short term home insurance (perhaps your policy is coming up for renewal but you’re moving abroad soon, or maybe you’re a student who won’t be in the property for the entire year), and that’s why it’s essential to find flexible options that will meet your needs.

Luckily, there are a lot of insurers who will be able to offer short term cover. It’s not an overly common request but many will be able to accommodate – you might have to dig a little deeper and go for specialist companies instead of well known ones, but they’ll be out there somewhere if you spend the time to look.

Going to these specialist companies will always be the best bet. Because they specialise in the area of short term policies they’ll usually be able to give you much better cover at equally as good prices, and you could well find that your usual insurer won’t be able to offer such cover anyway.

It might be worth, for example, looking for insurance companies that specialise in insuring students. They’ll be able to offer incredibly flexible cover as they tend to deal with people that have short term lets instead of full home ownership, so would be ideal for people that want this kind of flexible cover.

You might also find that you have to do slightly more in-depth research than you normally would, but the extra effort will always pay off. Price comparison websites might not always be the way to go in this sense as they tend to focus on annual policies but they could still be worth a look, but in this case nothing beats good old search engines.

Another option if you need short term cover for a few weeks or even less would be to get a full annual policy with a company that charges a cheaper cancellation rate. This may not be the ideal solution but if you can’t find anything elsewhere then it’s worth considering, and it’s certainly better than risking it for a few weeks!

As you can see, there are ways that you can find short term UK home insurance. It may take a bit more searching but it will always be worth the extra effort, so spend the time to look around and you can be confident that you’re completely covered.