It's never fun to think about the worst case scenario. Imagining your new apartment flooded or on fire can be frightening and anxiety-inducing. The reality is, though, that fires and floods happen all the time. That's where renter's insurance comes into play. While you can predict potential disasters, you can prepare for the worst and ensure you're ready for anything.
Renter's insurance is designed to protect the property of each individual renter. While your landlord will have insurance for the unit itself, your person possessions won't fall under their coverage. That means if a pipe bursts or an earthquake strikes and your belongings are damaged or destroyed, you'll be the one to foot the bill for replacements - unless you have renter's insurance, that is. It's not enough to simply shell out some cash each month for coverage, either. Should you ever need to file a renter's insurance claim, you'll want to have access to all the serial numbers and barcodes associated with each item in need of replacing. For instance, if your laptop is ruined after a pipe bursts and you don't have details on the make and model, you could see your claim denied. Take a proactive approach to renter's insurance by carefully documenting your most prized possessions. Take a video on your phone of each valuable you own, making sure to capture important details like the serial number. Then archive the footage in the cloud. In case an emergency occurs, you'll have all you details in one convenient spot for easy reference. -- Scott Safadi, Cal Bay Property Management
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AuthorScott Safadi leverages extensive experience in the real estate industry to serve as the CEO of Cal Bay Property Management (CBPM), which he founded in Palo Alto, California. Archives
January 2020
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