Bank Deal: Earn 1.00% APY on an FDIC-insured savings account at Barclays.
Earlier this week, I ran across an interesting article over at Investor Junkie. In it, Larry described the destruction of his Long Island rental property by Hurricane Sandy.
One of the most interesting points in all of this (at least to me) was that his renter did have a renter’s insurance policy, but their losses weren’t covered since they were due to a flood.
As most of you are likely aware, tenants typically need renter’s insurance to protect their belongings. The reasons for this is that the landlord’s insurance policy is intended to insure the structure itself, not the contents.
At the same time, many of you know that standard homeowners insurance policies don’t cover losses due to flooding. Rather, you’ll need to buy a separate flood insurance policy for that.
We have, in fact, carried both renters insurance and flood insurance at various points in the past. But never at the same time. When we’ve rented, we’ve been high and dry. But the first house we owned was (somewhat) near a river. While that house wasn’t in the flood plain, it was close enough that we carried a flood insurance policy.
Honestly, it never really occurred to me that, if you’re renting in a flood-prone area, you need to carry both renter’s insurance and flood insurance. But you do — if you want to insure your belongings against all possible losses, that is.
And please keep in mind that it takes 30 days for a flood insurance policy to kick in, so you can’t wait until the storm starts brewing to buy coverage.
- How to Become a Millionaire
- How to Get Out of Debt
- The Best Dollars I've Ever Spent
- How Our Estate Plan is Structured
- How We Paid Our Mortgage In Less than 10 Years
- Money Making Ideas
- How to Manage Your Asset Allocation with Multiple Accounts
- Consumption Smoothing - Save While the Saving's Good
- How to Save on Groceries
- How Much Life Insurance Do You Need?
- Eleven Great Books About Money
- Dave Ramsey is Bad at Math (693)
- Dish Network Customer Service SUCKS (537)
- $8,000 Homebuyer Tax Credit (429)
- Pay Off Mortgage Early or Invest? (424)
- How to Claim the First-Time Homebuyer Tax Credit (352)
- Termite Control: Sentricon vs. Termidor (330)
- How Much Should You Pay a Babysitter? (292)
- Ethanol Blended Gas = Lower Mileage? (273)
- Reduced Credit Limits? Share Your Experience (256)
- $15,000 Homebuyer Tax Credit (242)
- Buying Furniture off the Back of a Truck (237)
- Will Mac OS X Lion Kill Quicken 2007? (191)