Have you Considered Renter's Insurance?

Whenever it comes to assessing the importance of renter’s insurance, all data should be considered before haphazardly making a decision. Obtaining renter's insurance for Tucson rental properties is not considered by the majority of people renting a home. Most believe they won't ever need it, others believe any problems will be taken care of by the owner. Most reputable property owners carry insurance on their rentals, however it only covers the property structure, not the tenants belonings.

It is also dangerous to take on the outlook that “it will never happen to me”. The chances of a major problem occuring may be slim, however, renter's insurance exists for a reason - it has been needed by many that had it, and unfortunately those that didn't. It’s well worth spending a few additional dollars to have the peace of mind that if something does happen, valuable items for living are recovered.

Make sure to list all of your valuables before contacting an insurance agent. The reason this is so crucial is that only your valuables that are listed on the policy will be covered. It's not adventageous to overvalue your items as the insurance company will set there value in the event of an accident.

Begin the search for quality insurance companies. An important question to ask is whether they offer "replacement cost" coverage or "actual cash value" (ACV). In many states, by default, replacement cost rates are quoted.

Actual cash value policies cover what your belongings are worth. All covered items will be depreciated by the insurance company, and base the payment on what they're currently worth, minus the deductible - not the original value.

A policy based on replacement cost, however, pays the actual current cost of replacing the item, minus deductable. Replacement cost coverage is more expensive, but it will also provide more money towards replacing lost items should a disaster occur.

Also, it should be asked if especially valuable items, such as antiques, jewelry, or specialty electronics are covered at replacement cost. There may be a cap on reimbursements for high value posessions. If they do impose caps on some of your high value items, you can purchase separate riders that cover the full value.

Renter’s insurance will also cover alternative living expenses should your rental become unlivable due to an incident. Legal expenses and judgements are covered, up to the policy limit, if liability protection is added to the policy should someone have an accident at the home and need treatment or sue.

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Why Rent a Home When You Can Buy? Wait, No! Errr...

For those of you looking for homes for rent in Tucson AZ, or anywhere for that matter, you may come across people asking the question - "Why rent a house when you can buy one for so cheap in this market?" Depending on your situation, even if you have the money to buy, you might respond with - "Why buy when I can rent!?" There are many advantages to renting over buying, just as there are advantages to buying over renting. But this isn't a one size fits all argument, for either side. Your optimal living situation should solely depend on YOUR lifestyle and what lends itself to making it even better. Whether it's renting or buying a home...there's no right or wrong answer. Here is a list of 5 websites that expand on advantages of renting.

1. Is Renting the New American Dream?: A look at the changing American reality of homeownership.
2. Buying vs Renting Pros & Cons With Owning Real Estate: Information about owning or renting homes in today’s market.
3. 6 Advantages of Renting Instead of Buying: An interesting perspective from a Christian budget guru.
4. RentCycle: Advantages of renting you may have never thought of.
5. Benefits of Renting: This mother takes an honest look at the advantages of renting.

What do you think? What lifestyle situations make renting an optimal living solution? 

Renter's Insurance? You Might Want to Get It!

Many people looking for homes for rent in Tucson AZ don't consider obtaining renter's insurance. Sure, your landlord probably has insurance on the property, but unfortunately it doesn't cover your belongings. I came across an article that states...

...nearly two-thirds of college-age renters don’t have renters insurance, according to Allstate Insurance.  Beyond college, more than half of renters fail to have any property protection.

If you have any interest in replacing your property after it's been damaged, you may want to consider contacting your insurance agent, as it's not that expensive. The article goes on to say...

On average, a plan costs roughly $16 a month - about as much as you may have spent on brunch this weekend.

Read the full article: Renters Insurance: Cheap and Necessary 

Stay Tuned....

For more information regarding Tucson rental properties. Discover that you don't have to be crammed into an apartment or incur the additional expense associated with a single family house. Find the middle-ground and get the best of both worlds...rent a home in one of many lush townhome communities around Tucson AZ.