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Unless damage to your property is caused by a
pre-existing condition that your landlord was both aware of and had time
to repair before the incident, nothing under their insurance is going
to cover your loss. Even if you believe you have a case against a
landlord's policy, the chances are very good that their insurance
company has already covered any contingency loopholes so thoroughly that
receiving compensation would entail a long and drawn out legal battle.
With extreme weather becoming a fact of life in many urban areas,
it's time to come to terms with just how vulnerable your personal
property is without renter's insurance.
Though you might worry about the cost of a policy, the truth is that
most renters should easily be able to pay less than $300 per year for
$50,000 or more in property coverage. The average policy will cover
nearly all non-flood damage, including the following:
- Damage caused by smoke and fire, including ignition via lightning or explosion
- Damage caused by wind or hail
- Damage caused by cars or other vehicles
- Damage caused by vandalism or civil unrest
- Damage caused by glass that's part of the building's structure
- Damaged caused by the building's plumbing
- Damage caused by volcano
- Damage caused by earthquake, unless you live in an area known to be prone to earthquakes
Flooding related to plumbing or storm damage will typically be
covered. Flooding-from the ground up, such as a flooded river or city
infrastructure, will not. Renters, like homeowners, will have to seek
out the governmental National Flood Insurance Program for coverage in
that area.
When researching coverage take special note of its compensation
policy, particularly whether it consists of replacement value or actual
value. Under replacement value you will be covered for the amount
required to actually purchase a replacement. Actual value, in contrast,
will only cover the value of the item at the point it was damaged. This
could hit your wallet hard if you've owned the item for some time and
its resale value has depreciated below the dollar amount required to buy
a brand new replacement.
Be aware of any coverage limits for specific types of items. Many
policies will cap compensation for jewelry and other fine valuables, as
well as most electronics.
Once you've secured coverage be sure to take the same precautions you would for any type of property insurance to make filing a claim easier. Take an inventory of all the property in your apartment, including its purchase price and your best estimate at its current value. For particularly valuable items it's also a good idea to take photos of the object and its place in your apartment.
In the event that your apartment suffers damage, be sure to notify
your insurance company immediately. Though your landlord will likely be
filing a claim with their own insurance company if damage was done to
the building, it's necessary to get your own claim process started as
soon as possible.
When a disaster or mishap strikes, the very last thing you want to be
left with is damaged property that will have to be replaced out of
pocket. By being a conscientious tenant and making sure your belongings
are covered by the appropriate policy, you can keep a potential tragedy
from becoming an even worse situation.
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