Apartment Renters Insurance Protect your Valuables against Loss or Destruction

When you rent an apartment or house your personal property is not covered by your landlord’s insurance. For this reason many landlords require tenants to have renters insurance. This protects both the landlord and tenant if your personal property is destroyed, damaged or stolen. Fortunately renters insurance is relatively inexpensive which reduces the financial burden of paying yet another expense. To get the best coverage and protection for your personal property consider the following tips.
Take Inventory- If the worst case scenario were to happen and you had to replace your personal property you will need to have a list of all items lost. Insurance companies are not in the business of paying every claim without proof, so it is important to take careful inventory to ensure you are covered. Be specific and include purchase dates, serial numbers and any other data you may have proving the ownership and value of your items.Take Pictures- You’ve heard that a picture is worth a thousand words. By taking photographs of your items you are providing additional documentation should any questions arise later, such as the condition of the item.Cash Value or Replacement- Determine whether you want to insure your property for cash value or replacement cost. Basically you are deciding if you would want like to compensated for the value of items lost or have them replaced with new items. You can expect to pay higher premiums and deductibles if you choose replacement cost.Carefully Review The Policy- You want to have the proper amount of coverage, if you are over or under insured you will lose money in the long run. Read the policy and pay attention to limits, deductibles and other information to find the policy that provides the level of protection you need. Many first time renters worry about affording a high deductible and opt for higher premiums instead. You should know that going this route may end up costing you more money in the long run. You may be better served by paying a lower premium and saving money toward the deductible.Comparison Shop- The best way to save money when making any purchase involves shopping around. You should contact several companies and compare rates to find the policy that is right for you. Most insurance companies offer lower rates for customers who combine policies. If you have life insurance or auto insurance consider using the same provider for all policies to get reduced rates.