The Importance of Renters and Property Insurance
Of course its important to have insurance, not only important but required by law, but not all insurance is equal, it differs on the coverage, the options and the payment plans, not only from different insurance companies but also inside the same company.
Its also important because it reduces risk and liability, especially if your property is being rented, it protect the property, it protects the tenants and it protects the owner of the property!
So here are some things to consider for your insurance:
1. Do your diligence and check prices online and get some quotes from different insurance companies, don’t leave the purchase of a new insurance to the last minute.
2. Just because its affordable doesn’t mean its useful, check very well the coverage, some insurance is cheap to keep within what is mandatory but then doesn’t give you much coverage.
3. You can get a better deal if you join multiple insurances in the same insurance company, so if you already have insurance, like car insurance, check with your company to see if there are some discounts available for your property insurance.
4. Read the fine prints, that makes a huge difference later on, because sometimes its worth it to pay just a few euros more and get something that will work much better.
5. If in doubt ask for some else to check the paperwork and give you a second opinion, remember that you don’t need to sign anything before you are ready.
6. Don’t assume that the cost of the insurance will be the same as your current insurance, because there is a lot of variance, things change with the house, with the market, with the policies, that influence the final price.
7. Its a good idea to do a home inspection, you will not only find potential issues that you can fix, but your insurance might be lower if done by a certified home inspection.
8. Create a insurance history, if you have a history and loyalty with a insurance company you can add up savings, sometimes you can ask the insurance company to recognize your insurance history in a certain property or sometimes its best to start fresh and just keep with the same company to acquire discounts later on.
Hope this was helpful and as a side-note we also have our in house insurance brokerage, so you can always check with us for a quote, we have very competitive prices and we will also provide assistance with any claim you have.