What you should know about renter's insurance!
Do you think only home owners need insurance? Think again! There are some misconceptions about renter's insurance. Here at Effort Trust Apartment Rentals, we hope the following will help to clear those misconceptions up and help you make a decision that could save you money in the end:
Myth #1 - It's too Expensive - Renter's insurance is actually quite reasonable, especially when compared to what homeowners have to pay. Call around to a number of insurance companies for a quote...you will be surprised by how affordably priced it really is.
Myth #2 - It's not Necessary - You'd be surprised how quickly things add up. Do you have a flat screen tv? Computer? Gaming system? That puts you over $1,000 already. How much is your furniture, clothing, stereo, etc... worth? Put together a list of all your belongings and add up the replacement cost.
Myth #3 - My Landlord is Insured...I'm Fine - The building you live in may be covered, but that does not mean your stuff is. It is highly unlikely that your landlord's policy will cover your losses, so make sure that you protect yourself.
Myth #4 - It's a Hassle to Figure Out Renter's Insurance - It’s a lot simpler than you think. A $250 deductible costs more but delivers more coverage – raise your deductible, lower your monthly costs. If you claim a loss, Actual Value Coverage (AVC) pays you the depreciated value of the asset. Replacement Value Cost (RVC) pays you enough to purchase a comparable replacement for the lost asset. RVC is the better coverage, but it costs more.
We want to make sure that all our tenants living in the Burlington, Dundas, Hamilton, Stoney Creek, St. Catharines, Welland, Kitchener-Waterloo, and Cobourg areas are protected and that they have proper insurance coverage. In the event disaster strikes, it can certainly give you one less thing to worry about.