October 29, 2010 ( PowerHomeBiz.com )
- One cost
that many new renters attempt to avoid is that of renters insurance. Many
first time renters simply believe that either a) the landlord's insurance
covers the building anyway or b) that it is a waste of money.
(news continued below)
Both of these are misconceptions.
The insurance the landlord or property only covers the cost of fixing any
damages the building itself may incur. This means that the building
insurance does not in any way cover the costs of personal property owned by
tenants.
The second misconception, that insurance is a waste of money, is untrue
for a number of reasons. The first being that many property management
groups will not rent to someone without renters insurance. This is because
they want to ensure their tenants are protected in case any sort of damages
where to occur. This means that in many cases, in order to rent an
apartment, you need to have proof of having renters insurance.
The other, more obvious reason renter's insurance isn't a waste of money
is due to the fact that it is there to protect your personal finances in
case your property is damaged. Though you may think that your stuff isn't
very expensive which makes it not worth paying for renters insurance, this
may not be an inaccurate understanding of the situation. Renters insurance
does not just cover the few expensive items you own, it covers everything
you own. If there is a circumstance that damages your property, the total
cost of replacing items you once owned will likely be far above that of a
monthly insurance payment. Think about how much it would cost to replace all
of your clothes, furniture, electronics, kitchenware, and anything else you
might own. Being insured protects you from the possibility of having to
purchase everything you used to own with money from your own pocket.
If you currently drive a car which is insured, you can usually add
renters insurance through the same company at a nominal fee. Other sources
of renters insurance can purchased through many of the main banks. Renter's
insurance is key to ensuring financial safety that in itself makes renter's
insurance worth every penny.
About the Company
CLV Construction and Development conducts comprehensive project
management through trust and integrity.
CLV Group Ottawa - Your Full Service Real Estate Provider. Choose Ottawa
real estate agents, Townhomes, houses Ottawa apartments for rent & Kingston
apartment rentals from over 7200 units of CLV Group.
http://www.clvgroup.com/
