Tips for Saving on Renters Insurance

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.

Homeowners: What to Look for in a Potential Renter

By Relocation.com

When deciding to rent your home or apartment there are numerous questions and a screening process that potential tenants should have. Before you advertise your place you should know exactly what you want in a tenant, and what the rules will be.

Of course you are going to run a credit check and a background check on anyone who fills out your application. But before you even get to that point, there are questions you can ask any potential renter that may help you decide if you even want to get to an application. Get a feel for their answers, such as hesitations or just a gut feeling you may have that they are not being totally honest with you.

• Ask them their full names. If they just want you to call them by their first names, this might indicate they have something to hide.

• Ask them where they work, and if you can contact their employer. Obviously you want tenants that are employed, and if they are not willing to let you talk to their boss, maybe they don’t have one.

• How many people will be living in the apartment or house? Are there children and if so, how old are they? You don’t want a family of eight moving into your one bedroom apartment.

• Do they smoke? If they do, will they be smoking outside? Smoke can really mess up the walls and any furnishings you might have.

• Why are they moving? Does their answer sound reasonable?

• Explain that you will need to contact their landlord. If they have a bunch of excuses why that is not a good idea, that will be a huge red flag.

• Do they have any pets, and if so, what are they? If you have a no pet policy, this should be explained upfront.

• Ask for their social security number. They should have no trouble providing it.

You will probably want to think of some other questions on your own that pertain to issues you may have. Just remember that there are certain things you can’t ask. Be sure and check out the laws for the Fair Housing Act. The more information you can get upfront, the more time you will save screening out people who are just not right for your rental property.

The Celebrity Beat: Relocation.com’s Celebrity Real Estate Report

By Serena Norr

Although T-Day has been on our brain, the real estate industry isn’t far behind – especially within the exciting world of celebrity real estate. This week, Nicole Kidman listed her NYC penthouse for rent at a whopping $45,000/month. For those that fork over the bucks, you can look forward to leasing a glass-filled living room and a space with three bedrooms, 3.5 bathrooms and 3,785-square-feet of living space. Fashion director, Nina Garcia, is also on the Beat this week for placing her NYC condo on the market for $8.5 million dollars. This pre-war two-unit duplex includes 3.5 bathrooms, 12-foot-tall windows and a washer and dryer. Chelsea Handler and Jonah Hill also made an appearance on the Beat for buying homes in California with price tags of $6 million and $ 2 million, respectively. Whether you live a McMansion or an apartment, your home is only as important as those you enjoy it with you.  Happy Thanksgiving!

•    Nicole Kidman Renting Her NYC Pad
Actress Nicole Kidman recently placed her Perry Street apartment up for rent. Asking price? $45,000 per month, which even for NYC is a bit ridiculous! Kidman and her husband, Keith Urban, won’t have to worry about their real estate issues that long – they recently purchased a new luxury penthouse at 200 11th Avenue that comes complete with a sky garage – a car elevator that is accessible by a lift to one’s apartment complex. For anyone that can afford the rental on the Perry Street, they can look forward to having 3,785-square-feet, three bedrooms and 3.5 bathrooms – not to mention a glass-filled living room (designed by Richard Meier) that stretches the full width of the apartment, including views of the West Side Highway and the Hudson River. Kidman and Urban also own homes in Sydney, Nashville and in Beverly Hills.

•    Fashion Director Nina Garcia Lists NYC Condo for $8.5 Million
Nina Garcia, fashion director and “Project Runway” judge recently listed her four-bedroom NYC two-unit condo for sale at $8.5 million. Located on East 66th street, the condo was originally purchased for $3,700,000 for one-unit and then $1,221,900 for an adjacent unit to create a two-unit condo. Located in a pre-war building, interested buyers will have to put down 50 percent of the asking price and expect to pay $4,080 in monthly maintenance charges. The condo also includes 3.5 bathrooms, 12-foot-tall windows, 11.5-foot tall ceilings, a large living room, a doorman, chandeliers, a washer/dryer and a kitchen with modern appliances such as the brands Subzero and Gaggenau appliances.

•    Martha Stewart Drops Price on Home from $15.9 Million to $13.9 Million
According to Housing Watch.com, Martha Stewart recently lowered the price of her Perry Street penthouse from $15.9 million to $13.9 million. Another Richard Meier-designed apartment, Martha Stewart’s lower Manhattan pad includes 5,000-square-feet of living space, an on-site fitness center and 11-foot-high windows.

•    Chelsea Handler Buys $6 Million Dollar Home
Chelsea Handler, host of “Chelsea Lately” and author recently purchased a 5,600-square-foot home in Bel Air, California for almost $6 million (she paid $5,942,500). Her electronically-controlled gated home includes 5,572-square-feet of living space, an outdoor kitchen with Viking appliances, a gym, six bedrooms and seven bathrooms. There is also two family rooms, a den and a backyard with a 50-foot pool, a raised spa and an outdoor fireplace.

•   Jonah Hills Buys Los Angeles Compound for Under $2 million
Jonah Hill of “Superbad” and “Get Him to the Greek” recently purchased a new home in Los Angeles for $1,865,000. The new estate, built in 1959, includes 3,660-square-feet of living space, four bedrooms, 4.5 bathrooms, a storage room, a children’s playhouse and a detached guest house with a private bathroom. Other amenities include a fireplace, a sky lit kitchen with modern appliances and a modern suite that overlooks the swimming pool.

The Celebrity Beat: Relocation.com's Celebrity Real Estate Report

By Serena Norr

Welcome back to the Celebrity Beat. This week, you can rent Charlize Theron’s home for $50K or purchase Carol King’s Idaho ranch for $16 million. Alicia Keys is also selling her Long Island home; while Patrick Dempsey recently purchased one in Malibu for $7 million. And in the news of extreme homes, a mansion — whose construction was started by David Siegel — is currently being sold “as is” for $75 million. This uncompleted home is ready for the next owner who can finish this massive complex that includes space for 23 bathrooms, 13 bedrooms and 10 kitchens – and that’s just a sample of the many rooms the new homeowner will have to tackle. Anyone up for the challenge?

•    Massive 90,000-Square-Foot Mansion on the Market for $75 Million
An unfinished 10-acre mansion nicknamed “Versailles” is currently on the market for $75 million. Construction of the Orlando home began by billionaire and Westgate Resorts owner, David Siegel, however further work on the home was stopped in 2008 due to the recession that greatly affected Sigel’s businesses. The mansion is currently being sold “as is” and listed as a “monument to unparalleled success.” Towering at 67 feet, the new owner will certainly have enough space with its 23 bathrooms, 13 bedrooms, 10 kitchens, a 20-car garage, a bowling alley, an indoor rolling rink, a gym and a two-story movie theatre. For an extra $25 million, the new owner can have a completed home, along with an extra $1.45-$1.74 million dollars in taxes a year – we are thinking that a sale of this nature may take awhile to complete.

•    Charlize Theron Renting Malibu Beach Home
If you ever wanted to live in a celeb’s home, now’s your chance. Actress Charlize Theron has recently listed her cottage-style home for rent at $50,000 a month. Not exactly standard rental prices (even for Malibu), but her 2,095-square-foot home can be yours (temporarily), along with its three bedrooms, 2.5 bathrooms (one of which has a hot tub and spa), a fireplace and a private deck right on the ocean. The home also comes furnished whose pictures can be seen here. The posting did not indicate how long the rental terms would last.

•    Patrick Dempsey Buys Malibu Home for $7 Million
Patrick Dempsey, one of the Mc’s on “Gray’s Anatomy,” recently purchased a home in Malibu, California for $7 million. This 5,547-square-foot home includes three bedrooms, 3.5 bathrooms, two offices, wood flooring, fireplaces and a private garden. The gated home, leads up to a cobblestone driveway whose property also includes a barn, a riding ring, a chicken coop and a garden.

•   Singer Carol King Lists Ranch in Idaho for $16 Million
The 7,300-square foot ranch of Singer Carol King is currently on the market for $16 million. Located in Idaho, the ranch was first listed on 2006 and then taken off in 2008 for upgrades and renovations. On the market again, the home is sure to please nature lovers that is surrounded amongst a national forest and mountains. The 128-acre ranch includes five bedrooms, a deck overlooking a creek, two pools, eight guest cabins, barns and a log cabin recording studio that King herself built.

•    Alicia Keys Selling Home for $3.85 Million
Singer/songwriter and sometimes actress, Alicia Keys recently put her 9,000-square-foot Long Island home on the market for $3.85 million. The single-family home—situated on 2.2 acres— includes seven bedrooms, 6.5 bathrooms, a den, a piano room, an office area and a three-car garage. The two-story Mediterranean home is well-secured by a gated fence and surrounded by trees. The home also features an outdoor area with a flourishing garden, deck, pool and an outdoor Jacuzzi.

Renter's Insurance: Is It Necessary?

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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