Renter’s Insurance

EFFECTIVE 10/10/2017 – Renter’s Insurance is required for all new tenants.  Existing tenants have until January 2, 2018 to obtain this insurance.

Why should I have Renter’s Insurance?

Renter’s Insurance covers fire damage and theft of your personal property that you keep inside your rental unit.

Whether by burglary, robbery or fire — if you want to be able to replace all of your things – you should never be without renter’s insurance.  The cost of renter’s insurance is very minimal compared to what it would cost to replace everything you own.  Most people don’t realize the actual cost to replace things until it is too late.  I would guess that the average person owns between $20,000 and $50,000 in personal belongings – think of all the clothes you own, electronics like TV’s, computers, cameras, and phones, plus every item in your kitchen from dishes to pots/pans and silverware, and all the food items — it adds up very quickly if you have to buy things all at one time.

What about LIABILITY?

If someone gets hurt or property is damaged by something caused by you or your family – you might get sued and be responsible for the expenses.  Do you have money to pay for these expenses?  What if there is an accidental fire – maybe from cooking or a BBQ and it is ruled “accidental” – if you caused the accident you could be liable for the damage caused to the rental unit, neighbor’s belongings, plus any damage to your own things.  And, what if you dog bites or injures someone — do you have insurance to cover these things?  Family Real Estate Service, Inc. and Weinman Rentals LLC REQUIRE all tenants with dogs to obtain Renter’s Insurance that will cover pet owner liability – with minimum liability coverage of $300,000 and must list the owner as “additionally insured” on the policy.  Without proof of insurance, you may have to get rid of your favorite dog or vacate.  Maybe you have an aquarium and it breaks and causes water damage to the carpet, floor and wall… who will pay for the damage?

What do I need to know about Renter’s Insurance?

bullet It isn’t very expensive
bullet There are many choices and you should shop for the best coverage for the best price — don’t settle for the ‘cheapest’ policy as you might be surprised if there is a loss.
bullet Check with your auto insurance carrier — as many times you get a discount if both home/renter’s  and auto policies are linked or with the same company.
bullet Look into the cost of “replacement value” coverage and know the difference between replacement cost and Actual Cash Value (ACV) Policies.
bullet If you own certain valuable items – firearms, camera equipment, jewelry and some electronics – you may want separate coverage for these items.
bullet Know what the policy limits are and ask about the cost to increase those limits depending on what you own… sometimes the extra cost for more coverage is not very much more expensive.
bullet ASK questions — ask Steve at Family Real Estate or your friends and the insurance agencies what is available and what is recommended.

 

Who should I call for more information?

Steven Weinman and Weinman Rentals LLC use TAYLOR-THOMASON  INSURANCE BROKERS (TTIB) to insure most of their property.  Contact TTIB at (253)284-7900 or email them at office@ttib.net

Visit Taylor Thomason Insurance Brokers online at http://taylor-thomason.net/renters-condo-owners

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