The process of moving into a new place is an exciting one.
Just think, you get to decide the colour scheme of your living room, and which plants you’ll tend in your front yard or balcony. It’s seldom that you – or any renter for that matter – thinks about what would happen should anything go awry while you live in your home or condo building.
The truth of the matter is, it’s just as important to put as much thought into your renter’s insurance policy as you would, say, your decorating scheme. It’s often not until you hear a condo horror story, or when your next-door neighbour tells you that their TV and jewelry were stolen in the middle of the night – in the neighbourhood you thought was safe that you might wish you had insurance.
Now is as good a time as ever to get ahead of the game in the event that something bad happens. Here are five ways to make sure you’re covered and protected when you move into a new place:
Talk to your landlord and ask hard questions
It’s a common misconception that when you move into a home you don’t own, that the landlord will assume any associated costs should an incident occur. So many are surprised to know that their insurance policy, is not your insurance policy and will not extend to cover your personal possessions. Don’t be fooled, and protect yo’self.
Do your research!
Every renter’s insurance policy is different just like every home is different, so the things a couple would think about when renting a semi-detached home vs. what a bachelor would think about living in a condo with hundreds of other residents will determine what is and is not important to them. The same should go for your lifestyle; think about things like how often you travel, if you run a home-based business or if have small children. Know your options and speak to an advisor, an insurance provider like Surex has a whole team ready to help answer questions about which is the right plan for you.
Ask about what’s not covered
So you’ve got tenant or renter’s insurance coverage now. Phew! But what exactly doesn’t it cover? You’ve considered things like your belongings, your dependents, but what if you have friends visiting your home, and they slip and fall on your driveway? That makes you liable, not your landlord. Although renter’s insurance policies differ – generally speaking – they will exclude, or limit coverage on accidents and high-value items like bicycles, sporting equipment, collectibles, fine art, jewelry, and watches. It’s key to assess your possessions so you can protect what’s important to you.
Additional Living Expenses
There’s mold in your home and you’re forced to temporarily relocate due to the damage. Guess what? You can have coverage included for your additional living expenses while out of your dwelling. Unfortunate and unforeseen situations happen, and it’s the difference between having additional living expenses and not having them which could cover the costs of food, shelter and transportation while you’re dealing with this situation.
You have bigger fish to fry!
Life is busy! Dealing with the additional stress and inconvenience of making a poor decision on your renter’s insurance policy should not be a thing in your life. Talking to your landlord, doing your research, assessing your possessions and knowing your options could be the very thing that can alleviate the headache that this could potentially cause, and allow you to focus on the important things about renting a new place… like which accents match the colour of your living room.