Rental Insurance: Good Risk Management for Peace of Mind
We at Pacific Crest Real Estate want you to be comfortable and happy in your apartment rental. Peace of mind should help with that, right? That’s what you’re really buying when you buy rental insurance.
Try as we might, we can’t prevent many catastrophes like earthquakes or fires or floods. But what we can do is encourage you to protect yourself. That’s why at many of our properties we require rental insurance. But you need to inform yourself: Make sure you’re prepared for disaster and that you purchase an adequate amount of rental insurance coverage for your needs.
The knowledge that you’ll be able to replace your belongings, have a place to stay after a crisis, and return to life as usual as soon as possible offers an enormous amount of peace of mind, you’ll see. Plus, it’s a wise financial-planning move.
What Would It Cost to Replace Everything You Own?
Take some time to really think about that. In fact, it would behoove you to create an inventory of everything you own so that you’ll have it ready should disaster strike. Include everything, from the dish soap and your toothpaste to that couch you spent six months picking out at the store. In the event of a major disaster, you may have to replace everything … and it all costs money.
You’ll should have a good estimate of how much it would cost you to replace all of your belongings to ensure that you’re purchasing an appropriate amount of rental insurance coverage. Your inventory list could make a huge difference for a swift insurance claim should you need to make one.
Insurance Isn’t Only for Your Stuff
As Farmer’s Insurance correctly points out, rental insurance can also help cover medical payments, personal liability concerns, and additional living expenses in the case of an insurable incident.