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You’ve just landed a job. Congratulations! What now?
Home Insurance
Home insurance is a necessity. Your landlord may have obtained structural insurance for your residence. You are responsible for insuring your belongings. Get home insurance as soon as you move into your accommodation.
What Does It Cover?
Home insurance is designed to insure your property within your home. Some policies will also cover your property when it is outside of your home. For example, if your mobile phone is stolen on a bus, your home insurance may reimburse you the cost of your stolen device. Some insurance also covers fire or water damage.
There are limits on reimbursement for expensive items. If you have computers or stereo equipment or costly jewelry, you may want to insure those separately. If you have items of great sentimental value, they obviously cannot be replaced and you should put them in a safe deposit box.
You should check with your insurer about the coverage of your plan.
Make Claims Easier
As soon as you obtain home insurance, document your belongings. Make a videotape of everything you own or photos of everything you would want replaced. If you cannot do that, write a detailed list of your belongings. If you lose your belongings in a fire it will be nearly impossible to remember everything you had. A record of your possessions will be invaluable in settling claims with the insurance company.
Keep your tapes, photos or written list somewhere outside of your apartment – at a friend's residence or with a relative. If you have a fire, you don't want these records destroyed as well.
