This post was provided by the Austin Real Estate experts at Realty Austin.
Whether you rent an apartment, home, or condo, renter’s insurance is essential to protecting yourself and your belongings. Though there is uniformity across most insurance policy pricing, you can still find several ways to save money. Here are some easy tips for saving on your renter’s insurance.
The first step is to visit an insurance comparison website. This way, you will know which companies offer the cheapest insurance. There are numerous insurance comparison websites where you can get and compare insurance rates from well-known companies.
Another way to save on your insurance is to buy your renters and auto insurance from the same company. This can save you up to 15% on your yearly premium. Most of these companies offer discounts if you subscribe to their insurance packages.
A third way to save is to pay for insurance a full year in advance. You can usually save about $20 if you pay for your insurance once a year instead of monthly. This also applies to other types of insurance.
If you are a senior citizen, then there’s additional discount benefit in your renter’s insurance. Most companies offer a minimum 10% discount for seniors. Many companies also offer a discount for non-smokers. Smoking is the most common cause of residential fire-related deaths. Quitting smoking will benefit both your insurance premiums and your health.
Your renter’s insurance policy will give you peace of mind in knowing that home is protected. Take the time to estimate the value of everything you own and make sure you are covered for at least that amount. It is essential that you do your homework and research your options before making a decision. Finally, make sure that you review your policy every year. Any significant changes to the value of your home or possessions should be reported to your insurance provider.
Keep in mind that you can save money by simply having insurance. We cannot avoid accidents all the time, but at least we can be covered in the case of an emergency.
If you are using storage, be sure to purchase insurance!
By StorageFront.com
After you’ve rented a self storage unit, the first thing to consider is whether or not you need insurance.
At some facilities, it’s not an option; you have to have insurance. But if it’s not an option, you might look around and see the gate system and security camera and think your stuff is safe. But if you’re stuff is worth storing, it’s worth insuring.
Renters have three different options when it comes to insurance.
1. Sometimes homeowner’s or renter’s insurance will offer additional coverage to cover your storage unit (some plans will not cover anything once it’s removed from your home). This is often the cheapest option. If you plan to use this type of insurance, you need to make sure the facility where you are renting allows this as an option. When you go to rent, you need to make sure to take proof of insurance to the storage facility.
2. Some storage facilities offer their own insurance. The policies cover anywhere from $2,500 to $5,000. They may not require a deductible, but the rates maybe higher and coverage lower. It’s also important to ask what items the insurance will cover and what type of damage will be covered as well.
3. For more valuable storage, the best option might be to go with independent self storage insurance. These insurance companies might have a sort of partnership with the storage facility but operate independently. This type of insurance will insure higher-valued items and protect against damage that other insurance may not.
Insurance typically runs:
• $8 for $2,000 coverage
• $12 for $3,000 coverage
• $20 for $5,000 coverage
Some provide 50 percent burglary coverage for a cheaper rate. Jon Vogel is a Senior Account Executive at Bader Company, an independent self storage insurance provider. Vogel said he advises against getting the 50 percent burglary coverage.
“The only problem with that is our number one leading loss function is burglary,” Vogel said.
In case of burglary, Vogel suggests taking several measures to help guarantee that your claim will be processed if burglary occurs. Vogel said to use a disc or cylinder lock, which prevent many attempted burglaries. Bader Company waives the deductible if a renter uses a disk or cylinder lock.
When you put your storage inside your unit, Vogel said to take pictures of everything. If your valuables are stolen, take pictures of any damaged items and the damaged door. Vogel said to also keep everything and don’t throw anything away, even the lock. The insurance company will ask for some kind of proof of a break in, and the damaged lock should suffice.
As with any insurance, it’s important to understand the insurance that you’re getting and what is covered. Most facility managers are not certified to give advice or answer questions. Some public storage facilities in California have recently come under fire after offering advice and reportedly not processing claims.
“At no time is the facility manager an insurance agent,” Vogel said. “If you have questions specific to the insurance, most of them if they have gone through training with us will direct you to call us. No matter what insurance agent or company providing, there should be an 800 number. You should call insurance company.”
As with any insurance, the most important thing to remember is to do your research on the company, ask questions and get the rate that’s right for you. And don’t forget your camera to take pictures of the facility!
Looking for storage? Check out StorageFront.com for a local storage facility near you.
BON SECOUR NATIONAL WILDLIFE REFUGE , Ala. - Relocation procedures for sea turtle that are too close to the tideline. (Photo Credit: U.S. Fish and Wildlife Service photo by Bonnie Strawser)
By Serena Norr and Joann Pan
As we discussed in the first part of this series “The Devastating Impact of the BP Oil Spill on Real Estate,” the oil spill off of the Gulf Coast has not only affected our waters, marshes, animals and our health, but the “worst spill in history” has also greatly impacted the real estate industry. Although we are happy to hear that engineers have been able to stop oil gushing from the well [LA Times Blog], there is the looming question pertaining to the state of real estate in Alabama and Mississippi. Early numbers are estimating that the oil spill will “drive down the Gulf’s property values by 10 percent for at least three years,” according to CoStar Group Inc [Bloomberg]. The International Property Estimate stated that “losses may total $4.3 billion along the 600-mile (966- kilometer) stretch from the Louisiana bayous to Clearwater, Florida.”
Since April 20th, new property developments in Alabama and Mississippi have been put “on hold” and commercial properties such as hotels that are suffering from a decline in tourism and the inability to provide certain supplies such as with restaurants that can no longer offer fresh and local shrimp, oysters, etc. Some of these real estate issues are not immediate, but will impact these areas long after the spill has been cleaned. Will people want to relocate to an area that was once covered in oil — whether directly or nearby? Will the water ever be clean enough for fishing? Will tourism pick up? As the pieces are starting to be picked up and clean-up efforts are prevalent in the Gulf, we will be keeping a watch eye, hopeful that we will be able to report on positive news from the Gulf.
GALVESTON, Tx - Cleaning up tar balls off on Galveston beaches. (Photo Credit: U.S. Coast Guard photo by Petty Officer 2nd Class Prentice Danner)
Alabama’s Businesses Suffer Including Restaurants, Condo Owners, Shops Owners and Fishing Industries
For three months, after the media has continually projected the dismal prospect of coastal communities affected by the BP Oil Spill to the rest of the world, the states lining the Gulf of Mexico are seeing and feeling the onset of low numbers of tourists and homebuyers. When President Obama went to see the effects of the BP oil spill on the state in mid-June, Governor Bob Riley and the communities of Alabama were relieved to have president see the effects for himself. In a speech, the president addressed the jabs that the tourism and fishing industries have suffered. The lives of Alabama’s shop owners, restaurateurs, commercial and sport fishermen and those in real estate have not seen normal business for about three months [Montgomery Advertiser]. As oil continues to wash to shore, it’s not the effects on the beaches that worries community members, but the state’s precious marshes, estuaries and wetlands that will be lost. Tourism is also down, which is evident by the pictures of empty beaches that would normally be flooded with people. There are men bringing booms down to the waters—approximately 10,000 feet of booms a day to keep the oil at bay.
As soon as the oil started leaking—rather gushing relentlessly into the Gulf of Mexico—officials and professionals have been implemented quick clean-up of the space. As personnel continue to tread the waters of the Gulf, people are coming forward with disaster-related illnesses. In Louisiana, their Department of Health is aware of 71 cases and in Alabama, there are 15 reported illnesses—a mix of respiratory problems and skin irritations [CNN Health]. As soon as news like this hits to mainstream, areas where tourism and properties are hot start to see businesses fade.
The NY Times painted a dreary picture for us on July 5 by running a feature about an Alabaman seaside Inn that has seen the scary effects of the oil spill that include a lack of bumper-to-bumper traffic along Perdido Beach, minimal diners at coastal restaurants, missing swimmers in the water and a diminished population of seagulls riding up the coast. And in the place of those summer beach expectations are tar balls and lines of oil that have layered themselves in the daily repetitions of low tide and high tide that brings new sand and oil on shore. The building’s owner is Jerry Gilbreath, 61, who bought the structure in 1980 and turned it into a successful bed-and-breakfast. Now, Gilbreath, like other resort, hotel and property owners in Alabama are struggling to meet ends meet. To give you an idea the inn made $21,000 last June, but only made $6,000 this June, a month after the drum of oil starting leaking [the NY Times].
NEW ORLEANS - Debris and oil in the Gulf of Mexico from the Deepwater Horizon drilling.
Mississippi’s Job Loss, Real Estate Outlook and Tourism Industry
Since the oil spill, 4,500 unemployed workers in Alabama, Louisiana, Florida and Mississippi have been hired to clean the beaches– raking and shoveling debris, taking out trash and using power loaders to wash away oil-covered rocks [CNN Money]. Although finding work is always a positive sign (especially since Mississippi has an 11.5 percent unemployment rate), the conditions in which these workers were hired is not something residents of these Gulf States were expecting.
The immediate impact of the spill is not the only matter at hand, but one that Mississippi will be dealing with years after the spill; especially when pertaining to real estate. Recently, several real estate agents and brokers have requested $20 billion dollars as compensation for the loss of sales due to the oil spill. Kenneth Feinberg, a Washington attorney who is working on organizing money for the victims, stated “The Realtors and real estate brokers are a major political force. I’m hearing from them constantly. I’m not sure whether they have a valid legal claim.” As of now, these claims fall into the category of “tough eligibility decisions,” whose issue will be further explored through an independent committee held next month [SunHearald.com].
There is also the issue of the loss of jobs and tourism in Mississippi. A University of Mississippi study found that the oil spill could cost Jackson, Harrison and Hancock counties nearly $120 million in the tourism and service sectors; while the Mississippi Development Authority estimated that tourism was down statewide and about “seven percent in fiscal 2010 to $5.2 billion” [Insurance Journal]. Hit the hardest right now are non-casino hotels, which are down by $50 million and services related to tourism such as restaurants, beverages and food and area beaches (even though no oil has been washed onto Mississippi’s beaches). According to David Bulter, a professor who conducted the survey, these figures are related to the “negative images portrayed by the national news.” There has also been a decline in charter boats and recreational and commercial fishing.
Now that the leaking has been stopped by a temporary cap—until further measures can be made, that is—we wait and hope for positive news in the upcoming months.
Sources and Additional Reading:
All photos are from Deepwater Horizon’s flickr page- http://www.flickr.com/photos/deepwaterhorizonresponse/
So the moving company has left, all your stuff is set up perfectly and you’re looking to get some work done. Don’t hire a contractor without first asking these questions:
Are you covered?
This is a question with no wiggle room. Under so circumstances should you work with an individual or company that is not licensed and bonded. That means requesting–and verifying–proof that he or she is currently state licensed, paying employees legally and carrying workers’ compensation, property damage and liability insurance.
What clubs do you belong to?
If your prospective contractor has a list of clubs and associations they belong to, it’s always a good sign. Usually, members are encouraged to attend continuing education program courses, and they often receive professional designations such as Certified Graduate Builder (CGB).
What is the estimate?
Along with the other questions you want to ask during the process of hiring a contractor, you should request an itemized estimate from each. Be sure to look over the information thoroughly, paying particular attention to those that seem too high as well as too low. Estimates that fall in the shallow end of the pool can be a red flag for a hasty job that won’t leave you with a quality product; those on the high end might have artificially inflated prices.
Can I have a copy of the schedule?
You need to know exactly how long that kitchen renovation is going to take. Before you hire a contractor, you should ask them to provide you with a fixed start date and a completion date–including any cleanup duties. These dates should be included in the formal written agreement, along with a timetable of the work that’ll be done and a material list of everything that’ll be needed.
What is the payment schedule?
Most professional builders work on a pay-as-you-go basis, receiving partial payments throughout the process. The payments for new construction, also called draws, typically are scheduled as a certain percentage of the total cost when specific stages of construction are completed. Avoid any contractor who wants full payment before starting the job.
In addition to your references, can I have a list of previous customers?
It’s one thing to talk to a list of people the contractor has prepared for your call; it’s another thing to cold call prior customers from whom you’re more likely to get an honest assessment.
Can I see some of your projects?
Good builders are proud of their work and enjoy showing it to potential clients. Ask to see photographs of complete projects, and choose someone whose work looks similar to the job you’re planning.
How do you schedule call backs?
You want to know what to expect and how to best contact the contractor if, for any reason, they need to come back and fix or redo a job. Go with the person that has a concrete plan for these types of issues.
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How to Set Your Home Improvement Plan
Hiring a Contractor: When to Know When You Need One
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Picture this: A college student—we’ll call him Larry—of meager means rents his first studio apartment. It is the typical young person’s starter home: cheap TV and cheaper sofa, packing box for coffee table, futon cushion for bed. Does this kid need renter’s insurance? Most people think the coverage is in place to protect the holder’s property in case of theft. Since Larry has nothing, why insure it? What is often missed is that the coverage also protects the holder’s assets in case of mishap.
Say the person living downstairs from Larry has lots of very expensive stuff. Now imagine Larry gets drunk, comes home, runs a bath and passes out. Water overflows from the bathtub and drains into the apartment below. Lots of very expensive stuff is ruined. Renter’s insurance covers the costs and saves Larry from a life of indentured servitude.
What if a pipe bursts in the apartment above Larry and not only is Larry’s stuff totaled, but he needs to find some place to crash until the landlord can fix the mess. Having insurance can mean the difference between couch surfing and staying at a nice hotel with a real bed.
What if Larry wants to impress a girl and has some friends over to help him paint the pad before the big date. Then one of his pals falls off the ladder while painting the ceiling and breaks an arm. Renter’s insurance will usually have liability protection, which means that if someone in the apartment slips and falls, the policy holder is covered for any costs, up to the liability limit. And if Larry’s friend sues him, he’s covered for what they win in a court judgment up to your policy’s limit, along with legal expenses.
So, how much does this cost? Just like any other insurance, the premium depends on a number of factors: location, deductible, insurance company and the need for additional coverage. If you shop around, you’ll probably find a policy for $150 and $300 per year, which will get you about $30,000 to $35,000 worth of coverage for your personal possessions and somewhere between $100,000 and $300,000 worth of liability protection.
Come on, admit it, even if you don’t have much, it’s still worth it to cover yourself with some renter’s insurance, ‘cause you never know, right?
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Many people struggle over how to pack fragile items — glass items, picture frames, that beloved neon beer sign from college.
Here’s a suggestion: stop worrying about it and have the moving company pack it. You’ll pay for it, of course, but you could end up saving in the long run.
How?
When you pack items yourself and the items inside get broken, you won’t be covered by insurance. That’s right. All the bubble wrap and good intentions in the world won’t protect that awesome ceramic cat if it gets broken in a box that you packed yourself.
Unless the box itself has visible damage and was obviously dropped or somehow damaged in the move itself by the moving company, the only coverage you’ll have is the minimum valuation that moving companies are required to provide: 30 cents per pound for local moves, 60 cents for long distance moves. That won’t go far in replacing the item.
Here’s another sobering fact: You’re bad at packing. Oh sure, you’ve moved 3 times and like to think yourself a whiz with tape and those little syrofoam peanuts.
But you’re not that good. Sorry. And even if you are good, you’re not as a good as a guy who does it full-time, every day, every week of the year.
But in the end, it’s not about who’s the best: it’s about what happens if something gets broken. And if something does, it might be the best route to make sure your items are protected by insurance.
For more information about insuring your move, check out this article on moving insurance. This article can help you learn how to pack fragile items.
