Property Management MA: Are you Paying too much for Renter’s Insurance?
A lot of people in America choose to rent instead of owning property because of various reasons. The shocking part is that many of them don’t have renters insurance. It is not their fault as they are not aware that the landlord’s coverage does not cover their belongings. The landlord’s insurance only covers the structure and not the personal possessions of the tenants.
The ones who choose not to buy despite being aware assume that it is too pricey. However it should not cost more than an average of $15 per month. There are some reasons why the costs are so high.
Sometimes people end up sharing a place and end up co-signing an insurance place. So if your roommate moves out, you will end up overpaying if you don’t rectify it. So you should call your provider and ask them to remove your roommate. This will adjust the policy to only protect you own belongings.
It is an expensive mistake leaving the policy as you will have to pay for your roommate who does not live there any more.
Property Management MA: Spring Cleaning
Try and declutter your place so that you don’t have too many items. If you don’t have as many possessions, then you have to pay a lower premium. Follow that up with a home inventory and document everything. Keep copies of all receipts and store the originals in a safe spot which is outside your home. Just make sure that it is in a fireproof box.
Deductibles are what you pay towards a claim while the insurance provider covers the rest. If you set a higher deductible, then your premiums are lower. Don’t set a deductible which is more than your budget. If you don’t have any savings or the ability to pay, then it can be a disaster in both instances. A lower deductible can be painful as you will be paying more for your coverage. So check our finances and go for something in between.
Shop for the right quote
If you don’t shop around for the right quote, then your premium payments will be much higher. This is why you must keep looking around and see what sort of coverage and options you get. Don’t just go for the lowest one you see till you know what that policy entails.
Credit History is a factor
If your credit history is not so good, then your provider will charge you more. So work on getting it better so that you can get a good rate. So pay off debts as you can and make your payments on time.
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