https://padlet.com/patrickdoyle5/Bookmarks A comprehensive look at Renters Insurance, and the importance of proper coverage. en-us 2022-03-13 15:55:18 UTC 2022-04-05 12:07:37 UTC hello@padlet.com patrickdoyle5 https://padlet.com/patrickdoyle5/Bookmarks/wish/2092441599 Reviewing some of the major takeaways and benefits of having a renters or tenants policy - this video was able to easily break-down why this is important and illustrate (literally) in an easy to digest way as to why this is such an important policy to have in force anytime you find yourself in a rental position. 
This video encapsulated information that was in some of the other videos and articles - but the concept behind the video was a little more easier to understand and not overly complicated.  The little people and images kind of made for a more light-hearted approach, as insurance is definitely not the most fun thing to talk about.  Perhaps one of the reasons it's avoided is because nobody likes paying for something they don't see the benefit from - and even when you do, it's typically due to a loss that has occurred and still doesn't make for a great situation.  It was a nice way to circle back to the basics without sacrificing the integrity of the information.]]> 2022-03-13 16:04:30 UTC https://padlet.com/patrickdoyle5/Bookmarks/wish/2092441599 patrickdoyle5 https://padlet.com/patrickdoyle5/Bookmarks/wish/2092444185 This was probably one of the more in-depth discussions on renters insurance and hit the nail right on the head in light of the fact that there are a lot of people that don't even know it exists!  Whether its due to the fact that brokers and agents aren't offering the product or assume it's already in place - there is really no reason to not bring this up as a topic of discussion.  Not only can it translate into business by writing the policy, but you can also possibly attract more business by educating your clients and ensuring they're covered for all areas (not just auto or motorcycle).  As outlined in the video, the cost is so low, that once the benefits and coverage options are explained it's almost certain that the client will want to proceed.  When you break down the annual premium into a monthly amount, most people are spending more on Tim Hortons than what it'd cost to have tenant policy in place.  
This video was also selected as it highlighted one of the major aspects of rental insurance that isn't as widely talked about which is the Additional Living Expenses. People often assume that if they're renting and can't stay in the unit, that it's the landlord that needs to cover the cost of the temporary residence, when that (for the most part) is untrue. Especially if its due to an insured peril (and not the landlord who decides to repaint) - this is when the coverage would come into place. Sure it's nice to crash on a couch or two, but if there was a major loss (i.e. fire) - that can take several weeks or even months until the unit is habitable. Even a good friend won't let you couch surf that long. This video had a lot of good information that is helpful to renters of any age. ]]> 2022-03-13 16:08:02 UTC https://padlet.com/patrickdoyle5/Bookmarks/wish/2092444185 patrickdoyle5 https://padlet.com/patrickdoyle5/Bookmarks/wish/2092448484 One aspect of renters insurance that hasn't been covered is reviewing the in-depth process of the claims process for a tenant policy.  This host is able to quickly and effectively discuss each section of insurance and breakdown the expenses that may be associated with claims portion of that section of coverage.  He also touched on the medical expenses that can be afforded without having to wait until you're sued (i.e. there is a minor slip and fall at your apartment and your friend needs a day off work so you contact your insurance company and pay them through voluntary medical payments).  This prevents the friend from filing a much larger lawsuit and lets be honest, allows the friendship to remain in tact.
Knowing what your policy covers is great, understanding the components of it in the event of a claim is even better. This short video was a straight forward breakdown outlining the main categories of coverage and what is afforded by each, making it useful, educational and easy to comprehend.]]> 2022-03-13 16:13:45 UTC https://padlet.com/patrickdoyle5/Bookmarks/wish/2092448484 patrickdoyle5 https://padlet.com/patrickdoyle5/Bookmarks/wish/2092451635 This was another wealth of knowledge but more to do with the landlord's side than the view of the tenant. As they are both equal parts to the equation, it's equally as important that they understand the need and importance of securing a policy that protects each of them in the event of a loss. Landlords do have a responsibility placed on them to ensure that they have a proper policy in place for the rented house, building or multi-unit complex - but it is incumbent upon the tenant to do their due diligence and have a policy for their contents and legal liability as well.
This video provides a lot of information in a clear, concise way - not only educating the landlords but the renters in the world as well.  It's a podcast, so although it's audio - you can understand exactly what the speaker is referencing without having any fancy backgrounds or images.  I enjoy listening to podcasts, so this was definitely one of the preferred mediums to get the information - but for the visual learners this may not have been the favorite go-to. ]]> 2022-03-13 16:18:12 UTC https://padlet.com/patrickdoyle5/Bookmarks/wish/2092451635 patrickdoyle5 https://padlet.com/patrickdoyle5/Bookmarks/wish/2092453608 This website essentially line-itemizes the personal property you may have and provides a pretty thorough review of what is and is not covered when it comes to your contents.  It takes into considerations like the amount of contents you have, the amount of liability you select and if you're going to add items that are normally excluded to the policy. 
This website was chosen as it simplifies the cost of renters insurance without having to actually contact a company or feel obligated to proceed with a quote. It also outlines contents that people may not even consider (did you buy that microwave in your rental - that should be included too)! People likely don't realize the value of their items - or take note of the inflation of such items - so it's a pretty good idea to get a good starting point and build from there. Even young renters with minimal belongings still need to protect those belongings, this website helps point out the common and maybe not so common items that you may not even think to consider on your own.]]> 2022-03-13 16:20:38 UTC https://padlet.com/patrickdoyle5/Bookmarks/wish/2092453608 patrickdoyle5 https://padlet.com/patrickdoyle5/Bookmarks/wish/2092455056 This article was interesting as it was looking at rental insurance from another perspective (from the landlords view) rather than the renters view.  It lists valid arguments supporting a landlord's requirement for rental insurance and how to gentle discuss with your tenants or prospective tenants why this requirement is listed on the lease (or should be). It's also a good way for a landlord to have the reassurance that the tenant they are selecting to occupy their space has the same regard and respect for their property as they do themselves.
A lot of research reviewed educates the renter on how it's important to have adequate coverage, but there weren't as many articles outlining why a landlord should insist on the renters having coverage.  Overall - it's a great way to protect both parties, whether the tenant believes it or not.  They (the tenant) may feel like the landlord is just being picky or difficult - but in fact the landlord would be doing a disservice to their renters by not enforcing the requirement of a policy.  After all, when the tenant packs up and moves out, it is the landlord that will be responsible for the unit.

]]> 2022-03-13 16:22:33 UTC https://padlet.com/patrickdoyle5/Bookmarks/wish/2092455056 patrickdoyle5 https://padlet.com/patrickdoyle5/Bookmarks/wish/2092462043 This website is for a side of insurance that most are not familiar with - even if they have policies of their own.  This company provides adjusting services.  Adjusting is done by a private adjuster when there is a dispute between the claim settlement from an insurance company and the insured.  This can happen in commercial or personal insurance.  Usually when a claim settlement is refused by the insured, they are able to provide sources of information to show proof of the value of their belongings which may allow the insurance company to come up in value.  If that is no help and a value cannot be agreed upon, they can hire an adjuster to essentially review the damaged property and provide their assessment on the value.  Generally speaking, once this has been completed there is a settlement that is agreed upon by both parties AND gives the insured piece of mind that they aren't being "ripped off".
As most people have the mindset that insurance companies are out to get them and make money off of them, this allows you to see that there are other ways to go about the claims settlement to ensure a fair offer that is suitable to both parties. It was nice to see information from the claims side to be able to understand how the settlements may occur and what happens when they don't. ]]> 2022-03-13 16:31:56 UTC https://padlet.com/patrickdoyle5/Bookmarks/wish/2092462043 patrickdoyle5 https://padlet.com/patrickdoyle5/Bookmarks/wish/2092464568 This article reviews the main questions on whether or not renters insurance is mandatory in Ontario.  The short answer is NO.  However, most prospective renters will come to realize that landlords now require rental insurance in order to proceed with the lease.  This protects the landlord and their investment.  The good thing about getting a renters policy is that most companies that write contents insurance will also write auto insurance - so you can combine the policy and get  discounts for having both together.  
This website was chosen as it offered insightful information and they are a local brokerage here in Ontario. They offer online quotes - which shows how easy and accessible renter insurance is. When you weigh the pros and cons of having versus not having renters insurance, it doesn't make sense to risk the chance of losing everything you have (whether it's your contents or finances). ]]> 2022-03-13 16:35:15 UTC https://padlet.com/patrickdoyle5/Bookmarks/wish/2092464568 patrickdoyle5 https://padlet.com/patrickdoyle5/Bookmarks/wish/2094976758 We've seen what SHOULD be covered - but knowing what ISN'T covered is equally as important!  No policy covers every potential peril or loss - so be sure to check with your insurance company and know your exclusions and special limits of insurance.  This is important to ensure you're INSURED the right way. If you do happen to have a set of collectibles, expensive jewelry, or an expensive drum set - these items can be put on a floater or scheduled as per their current value (keep in mind most companies will request a receipt or recent appraisal to verify the value). This is a great tip to help potential insurers to understand that even if it is initially excluded, it may be added for an additional premium.]]> 2022-03-15 01:58:03 UTC https://padlet.com/patrickdoyle5/Bookmarks/wish/2094976758 patrickdoyle5 https://padlet.com/patrickdoyle5/Bookmarks/wish/2094979062 This image captures the essence of the 5 "W's" (Who, What, When, Where, Why) of renters insurance!  It's easy to understand & answers the basics! The "When" to insure is WHENever you're renting - be it a house, basement apartment, dorm, or even a room in a house.  Even if you don't own the property - you can still ensure your belongings. "Where" do you get a tenant policy? Contact a local broker who can provide a quote and they'll be able to give you a quote based on the amount of contents and liability limit you choose. This image was chosen as it is helpful information for someone new to renting.]]> 2022-03-15 01:59:34 UTC https://padlet.com/patrickdoyle5/Bookmarks/wish/2094979062 patrickdoyle5 https://padlet.com/patrickdoyle5/Bookmarks/wish/2129762475 2022-04-05 01:37:17 UTC https://padlet.com/patrickdoyle5/Bookmarks/wish/2129762475 patrickdoyle5 https://padlet.com/patrickdoyle5/Bookmarks/wish/2129857291 My thoughts on the content and lessons learned during this project. ]]> 2022-04-05 02:47:46 UTC https://padlet.com/patrickdoyle5/Bookmarks/wish/2129857291 patrickdoyle5 https://padlet.com/patrickdoyle5/Bookmarks/wish/2130515658 Renter's Insurance]]> 2022-04-05 12:06:56 UTC https://padlet.com/patrickdoyle5/Bookmarks/wish/2130515658 patrickdoyle5 https://padlet.com/patrickdoyle5/Bookmarks/wish/2130516650 Renter's Insurance]]> 2022-04-05 12:07:37 UTC https://padlet.com/patrickdoyle5/Bookmarks/wish/2130516650