As a renter, you can protect yourself from loss

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November 29, 2016 12:00 AM

Financial and Consumer Affairs Authority of Saskatchewan (FCAA) wants to remind people who are renting apartments, condos or houses to take time to do their homework so they can protect themselves and their wallet.
Liz Frieser, local broker and owner of Mac’s Realty, said the average cost for tenant insurance in Lloydminster is $200, but encourages people to shop around.
She said one can also get tenant insurance through existing vehicle providers by adding to current coverage.
Added Ian McIntosh, director of FCAA Insurance and Real Estate Division “Whether you’re an existing renter or about to become one,  there’re relatively easy steps that you can take to protect yourself during your tenancy.”  
 Here are some things to think about when renting:
Determine your insurance needs, preferably prior to moving in.  Having it in place provides you with both protection from loss and peace of mind from day one.  If purchasing tenant insurance, discuss your insurance needs with a licensed insurance agent.  Read the policy carefully to ensure it meets your needs and know exactly what it does and does not cover before signing.
Read and understand your lease.  By law, a lease needs to contain specific information.
Inspect the property before signing anything.  Pointing out damage can save you money on your damage deposit when it’s time to move out.
Tips for renters will be shared via twitter @SKGov and www.facebook.com/SKGov and are available at www.fcaa.gov.sk.ca/rentaltips.

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