As a renter, you may not give much thought to insurance for your home. Purchasing renters insurance is a good idea, however, and something that many landlords and property management companies require when renting. This insurance protects your personal belongings if something happens while you’re renting. Here are tips for finding the insurance you need courtesy of a property management company.
- Choose the Right Coverage Amount
A renters insurance policy is meant to cover the replacement cost of your belongings in case of damage or theft at the property you’re renting. The first thing to ask yourself is, “How much are my possessions worth?” Create an inventory of your belongings that includes what they are worth. Add it all up to get an idea of how much coverage you need.
- Find Out What’s Not Covered
Renters insurance policies may cover different things related to your home. They are generally broad, but may exclude specific things like flood damage. If this is the case, determine if you want to purchase a separate policy.
- Understand the Types of Coverage
There are two basic types of coverage suggested by property management companies in Calgary. An actual cash value policy is based on the value of the damaged property, taking into account use and depreciation. A replacement value policy, on the other hand, is based on what it would cost to buy the items again.
- Bundle Insurance Policies
Ask about bundling renters insurance with your car or other insurance policies.Getting coverage all under one policy can help you in the long run.
- Choose a Deductible
The deductible is what you pay for damage before the insurance kicks in. It’s often wise to choose a higher deductible with lower monthly payments and set aside the money you’ll need to meet that deductible if you have a claim.
Mountain Park Real Estate is equipped to help you with all of your real estate and property management needs. If you’re looking to buy, sell, rent or hire a property manager, trust the experts at Mountain Park Real Estate in Edmonton and you’ll receive the best possible service. Visit our website at mtnparkpropertymanagement.ca or contact them directly by emailing: [email protected] or calling: (780) 809-9954.