Assignment 2 - Renters Insurance by Kuldeep Mohanta https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj Assignment 2 - Renters Insurance Kuldeep Mohanta 100656950 en-us 2021-03-29 02:08:12 UTC 2023-05-19 13:23:59 UTC hello@padlet.com https://padlet.net/icons/png/1f601.png Introduction - Assignment 2 (Renter's Insurance) kuldeepmohanta99 https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362529374 Hello! In this Padlet, I will be discussing Renter's Insurance: What it is, How it works, Why it is important, as well as why you should consider it!

Renter's often do not realize that they have a form of insurance that is similar to Homeowner's insurance that can protect them from unexpected expenses. While it does not cover structural damages, it can be very helpful for renters to save their assets as well.]]> 2021-03-29 02:14:25 UTC https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362529374 Videos kuldeepmohanta99 https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362547107 2021-03-29 02:22:57 UTC https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362547107 Video #1 - What is Renter's Insurance? kuldeepmohanta99 https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362548178 This video explains the basics of what Renter's Insurance is. MoneyCoach explains how Renter's Insurance functions like a Homeowner's Insurance in the sense that it protects the insured person(s)'s property from being damaged or stolen. The Insurer covers the policyholder through a "premium," which the Insurer gives an estimation for according to the policyholder's assets and coverage value. He also explains how the deductible and limits work within it, as deductibles are the "amount you pay until the insurer pays the rest" and the boundary being the "maximum insurer pays". 

I chose this video because MoneyCoach explained Renter's Insurance was beneficial with graphics and easy-to-understand examples. Initially, it is easy to read through terminology used within insurance documents. It can sometimes be hard to understand why someone (in this case, a renter) could use it. The simple visual examples that MoneyCoach uses to show how much a person could pay out of their pocket during an unexpected expense helps to put into perspective why exactly renter's insurance is helpful. ]]> 2021-03-29 02:23:28 UTC https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362548178 Video #2 kuldeepmohanta99 https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362552956 Vincent Chan (The Simple Dollar) explains in "How Much Renters Insurance Do I Need?" an in-depth look at how Renter's Insurance works, how it works, what steps someone can take to assess their inventory/risk factors, alternatives to having Renter's insurance (emergency fund), as well as ways to reduce premiums. Vincent starts with a topic that many beginners may see as an easy question but find it hard to answer: How much Renter's Insurance Do I Need? He tackles this by explaining how to calculate Renter's Insurance with some example steps to calculate the inventory. After assessing inventory value, Vincent speaks about how to understand how to pick a value for the deductible someone would need. After understanding Renter's Insurance's financial value and how it can help someone, he also explains the more minor details like the minimum amount of Renter's Insurance someone can have and how to reduce insurance premiums.

I found this video to be a much clearer video in explaining to myself and anyone interested in the topic of Renter's Insurance how much Renter's Insurance I would need if I needed it. Vincent explains with an in-depth walkthrough how Renter's Insurance works in an easy process, from performing an inventory analysis to understanding how much someone would want to pay for a deductible and if an emergency fund is required.  One important note that I found helpful from his video was the note of accounting for liabilities and installing safety devices like cameras, fire alarms, etc. These tips are great tips that help new renters as purely explanation videos may skip over this information and proceed to just teaching someone how the Insurance policy works.]]> 2021-03-29 02:25:35 UTC https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362552956 Video #3 kuldeepmohanta99 https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362553219 In this video by Vincent Chan (The Simple Dollar), he explains coverage myths and exclusions and what is covered. When people ask their co-workers, friends or family, people misunderstand what Renter's Insurance can cover and exclude. For example, in the video, Vincent answers exciting questions like "Renter's Insurance covers damage you cause to your home or apartment," which many people understand to be the whole purpose of Renter's Insurance. However, he explains what an insured holder would be responsible for.

This video was beneficial to gaining a deeper understanding of what exactly Renter's Insurance can cover and what it excludes, and what to consider concerning the premiums you have to pay. I did not know before this video was what types of inventory have different coverage levels. For example, in the video, Vincent explained how if someone had jewellery within their home, it could cover a value lower than the asset's actual value. ]]> 2021-03-29 02:25:43 UTC https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362553219 Video #4 kuldeepmohanta99 https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362553603 In this video, the Excalibur Insurance Group takes a fast video explaining what you need to know about Renter's Insurance. Like videos that explain what Renter's Insurance is, this video helps to answer essential FAQs about Renter's Insurance. It goes over how Renter's Insurance can insurance inventory lost due to various reasons and explaining what the policy extends to while the policy holder's home is under repair (living expenses).

This video helps understand a more real-life perspective on how Renter's Insurance can help someone by using FAQs to answer real problems that someone may encounter. Like when the video explained how if a person accidentally hit someone while on a bike and their laptop broke, that Renter's Insurance could help to cover that expense.]]> 2021-03-29 02:25:54 UTC https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362553603 Websites kuldeepmohanta99 https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362553857 2021-03-29 02:26:00 UTC https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362553857 Website #1 kuldeepmohanta99 https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362554198 TD Insurance explains what Renter's Insurance is, how it is the same as "Tenant Insurance," what it includes within its coverage, and factors associated with why a renter would need Tenant Insurance. They also have a section where readers can request a Renter's Insurance quote from TD Insurance. TD Insurance has a very informative webpage regarding Renters/Tenants Insurance. Therefore making this site a very professional, official and detailed site that is easy to understand what Renter's Insurance is, how it can benefit the renter to have it, and types of costs that can help a renter avoid or reduce.

While having videos is often very helpful to visually understanding content, it is also integral that there should be written terms that define and explain various legalities. TD Insurance does a wonderful job at having a simple web page that explains the essential questions around explaining Renters/Tenants Insurance and a quick link to getting a Renter's Insurance Quote from them. ]]> 2021-03-29 02:26:07 UTC https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362554198 Website #2 kuldeepmohanta99 https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362554401 RateHub's article about Renter's Insurance explains what Renter's Insurance is, average prices in Ontario and compares it to other locations,  as well as some notable shortcomings about Renter's Insurance.

Three interesting mentions from this article would be the usage of real-world expenses and comparing that to how much Renter's Insurance is, understanding how Tenant Insurance does not cover the subleasing a policy holder's place, as well as further defining replacement and actual cash values of items used during insurance calculations. One key difference that RateHub helped to clarify is the note of the subletting, as many sites, even TD Insurance, did not note the subletting factor when having a Renter/Tenant insurance policy. ]]> 2021-03-29 02:26:13 UTC https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362554401 Website #3 kuldeepmohanta99 https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362554626 Billyard Insurance Group (BIG) has an informative blog post regarding if Renter/Tenant Insurance is mandatory in Ontario. They cover what it is in a simple yet accurate explanation, what it covers: liabilities, contents, living expenses, how much it costs, as well as the initial question of if it is mandatory.

A unique perspective about BIG's blog post that caught my attention is the post's audience. Unlike some insurance posts or explanation articles, the focus is not on the actual policy. Instead, the focus is on the tenant to understand whether they would need the policy. Throughout the blog post, BIG constantly uses examples that pertain to the reader and their needs and wants. Comparatively, TD Insurance, for instance, will define the coverage values only of assets and inventory as examples.]]> 2021-03-29 02:26:19 UTC https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362554626 Website #4 kuldeepmohanta99 https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362554848 Settlement.org has an article about whether or not someone would need Renter/Tenant Insurance. The focus is on answer questions like if a tenant is legally required to have tenant insurance before renting an apartment, what the policy covers, what the deductible is, and if a landlord can force a tenant to get a policy.

An interesting note that I had not known from any other website that I had come across is whether a tenant is legally obligated to have Tenant Insurance before moving in and if the landlord could lawfully force the tenant to purchase that. Settlement.org clarified that point by stating that a tenant is "not legally obligated" to have Tenants Insurance, though the landlord may need the new tenant to have it before renting it to them. If the landlord can force them or not, the answer is no - the landlord cannot legally force a tenant to get Tenant Insurance.]]> 2021-03-29 02:26:27 UTC https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362554848 Images kuldeepmohanta99 https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362555210 2021-03-29 02:26:38 UTC https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362555210 Image #1 kuldeepmohanta99 https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362555414
In this image, several assets have various price tags next to them. When calculating the amount of coverage needed for Renter/Tenant Insurance, it is crucial to understand and note the dwelling's inventory value. The coverage amounts differ based on what needs to be insured. It is also essential to understand the inventory value since two types of insurance calculations are done when determining the value of items: Replacement cost and Actual Cash Value (RateHub). These two calculation values can affect the overall coverage that a policyholder can expect for valuable belongings.

Source: https://www.absoluteinsurance.ca/2019/08/tenants-insurance/]]> 2021-03-29 02:26:44 UTC https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362555414 Image #2 kuldeepmohanta99 https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362555755 During the process of Rental agreements, many renters go into acquiring a Rental property without thinking twice about needing Renter/Tenant Insurance. However, remembering that it is one of the lowest types of insurance that anyone could have for a low annual premium makes for a beneficial insurance policy that can help out when the renter has a high-value inventory within their home. Protecting those expensive items from robbery, damages, etc., is a beneficial coverage to have in back-up. If the dwelling is damaged and needs to be repaired, living expenses within a hotel can be covered with Renter/Tenant Insurance, rather than affording more costs out of pocket.

Source: https://www.moving.com/tips/why-you-need-renters-insurance/]]> 2021-03-29 02:26:52 UTC https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362555755 Reflective Questions kuldeepmohanta99 https://padlet.com/kuldeepmohanta99/6aet2gfhj54houwj/wish/1362557031 Reflective Questions

  1. What did you learn about the topic that surprised you most?

When I learned about Renter Insurance, I had always understood it to be another form of cash-grab from an Insurance company that has no impact on me and just a waste of money. After spending time researching it for this assignment, I started to understand how much it is worth and the premium that a holder could pay. In summary, it is beneficial insurance that needs to be considered if the policyholder has some money to spare monthly. If there are unexpected problems in the future, the policyholder does not have to stress as much about out-of-pocket expenses.

2. Provide a real-life example of how this topic is relevant or interesting for you.

Since I am a student and I have lived away from home for the past three years, I had rented property for college. I had known about Renter Insurance briefly as the landlords had asked for it previously before I got a hold on the unit. However, I never looked too far into it since, like I mentioned earlier, I thought it was useless. Next year I will be looking into getting a place again in Oshawa, so it is beneficial to know this kind of insurance exists to help cheaper than other insurance forms.

3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

I would recommend to anyone to look into Renter/Tenant Insurance if they are looking to rent property to live in. Since it has such a low premium attached to it, anyone could get it to help with future expenses. The coverage that it can help with is very useful for covering inventory losses during robberies or fires. I will always suggest now going forward to be more aware of what value the inventory someone has at their home is because it will be easier to understand whether they have an appropriate amount of coverage. This way, they are not left to deal with replacement insurance less than the inventory's actual cash value.
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