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You and your landlord share a common
goal: You both want to ensure the protection of your
interests. Obtaining a security deposit from you --
usually ranging from $100 to a full month's rent, and
averaging $250 -- is how your landlord obtains a degree
of insurance from you. The deposit covers your landlord
should you cause any damage to your residence while
you are a tenant. Your landlord, in turn, may keep the
deposit if you fail to pay your rent or you leave before
the end of your lease. However, if, as a tenant, you
keep your end of the bargain -- following the terms
of your lease and leaving your residence in good condition
when you leave -- the deposit is refundable.
So how do you protect your own interests as a tenant?
Renters' insurance. If you're a renter,
you're probably accustomed to brochures dangling from
your door that advertise various renters' insurance
policies. And if you're like many renters, you probably
disregard them. But you may want to consider taking
out insurance. Before you say, "But I'm not going
to cause any damage to my residence," remember
that renters don't always cause damage themselves. Mother
nature, or other tenants with little regard for your
property, could prove to be the source of your problems
later.
According to Metropolitan Life Insurance Company,
policies typically provide coverage for the following
renters' pitfalls:
-
Damage to personal property from fire or wind
- Theft
- Personal liability in the event you are sued over
accidental injury to others who are in your residence
- Accidental damage to property of others in your care
- Living expenses if you are forced to live elsewhere
while your residence is being repaired
This list doesn't begin to elaborate on the multitude
of other possibilities for disaster: An electrical surge
fries your computer, television, and/or stereo; while
visiting your neighbor, you tip over his barbecue and
start a fire; or you accidentally cause injury to someone
away from your residence; and the list goes on and on.
And of course, as we've all discovered, we can never
discount such crazy-sounding possibilities -- because
they can and do happen if and only if we're not prepared
(or covered) for them.
Note that renters' insurance policies may differ
according to the insurance company in question, as
well as the laws in your state. An insurance representative
will be able to determine what type of policy best
meets your needs. If you've thrown away all of those
brochures dangling from your door handle, the Internet
is a good place to do your homework -- specifically
apartment-search sites. Links to renters' insurance
information will fill you in on the details, and you
may apply online.
Written by Courtney Ronan
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