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Renting A Home Insurance & Moving In

Renting A Home Insurance & Moving In. Objectives. Discuss Purchase of Renters Insurance Explain Condition Verification of the Rental Unit. Renters Insurance. Protects your property if damaged or stolen.

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Renting A Home Insurance & Moving In

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  1. Renting A Home Insurance & Moving In

  2. Objectives • Discuss Purchase of Renters Insurance • Explain Condition Verification of the Rental Unit

  3. Renters Insurance • Protects your property if damaged or stolen. • Also protects against lawsuits for unintentional damage or harm you or your family may cause to others or the property. • Usually covers property loss from theft, fire, windstorms, hail or smoke damage.

  4. Insurance Coverage • Renters insurance does NOT cover damage from floods, hurricanes or earthquakes. • Landlord’s insurance will NOT protect renters in case of fire, theft or accident.

  5. Insurance Cost Affected by: • Amount of coverage • Deductible • Higher deductible = lower policy cost • Kind of property coverage • Cash value • Replacement value

  6. Renters Insurance How much is enough? • Create a written inventory including: • Item • Cost • Purchase date • Model • Serial Number

  7. Renters Insurance How much is enough? Inventory Support • Video • Photographs • Keep the inventory list and supporting documents in a safe place outside the rental unit. • Update the inventory list regularly.

  8. Finding an Insurance Company Consider: • Cost • Customer Service Record • Financial Strength • License New Mexico Public Regulation Commission Insurance Investigation Bureau (505) 827-4439.

  9. Comparing Insurance Policies • Compare price, coverage, exclusions and discounts from at least three different companies. • Understand the amount of coverage different policies provide. • Know the safety and security features of your rental unit and ask for discounts based on these features.

  10. Researching an Insurance Company A.M. Best Company, Inc. 908-439-2200 http://www.ambest.com Moody's Investor Services 212-553-0300 http://www.moodys.com Standard & Poor's Insurance Ratings Services 212-438-2000 http://www.standardandpoor.com

  11. Verifying the Condition of the Rental Unit • Complete a Property Inventory and Condition Report to include with your rental contract. • Both tenant and landlord should sign and date the document.

  12. Verifying the Condition of the Rental Unit • Copy the document at the end of the lease and use it as a move-out checklist. • Both tenant and landlord should sign and date the document.

  13. Verifying the Condition of the Rental Unit • Videotape or photograph the appliances, systems, walls, floors, fixtures, basement, attic, storage or other buildings, front and back yards and porches. • When you move out, use the Property Inventory & Condition Report Work Sheet to record the number and condition of all the things you listed during move-in, plus any items that were added under the lease during your stay.

  14. Summary • Discussed Purchase of Renters Insurance • Explained Condition Verification of the Rental Unit

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