Although you don’t own your home, you have made the wise decision to purchase renter’s insurance. Renter’s insurance does not only offer protection for your personal belongings. It offers liability protection, which can prove to be invaluable. There are several things to consider when you are looking for renter’s insurance.
To start, take inventory. It makes no sense to walk into an insurance office looking for protection when you do not know the value of your belongings. A written copy is important because it tracks the value of your items. It’s a great way to keep track of your belongings. A video or photos of your belongings provides the perfect visual to your belongings. Having a written inventory list and a video or photos is a perfect combination so you know what you have in the home. Don’t forget to make two copies, stored in different places.
Once you inventoried your belongings, you have an idea of how much protection you need. Although it may seem to cost a little more, replacement coverage is the best way to go. This provides replacement at today’s cost for an item of similar kind. There may be items that are not covered. When you are shopping for your renter’s insurance, be sure to ask for a list of items not covered and see about costs for additional coverage.
The next item you’ll need to consider is the deductible. The deductible is the amount you will have to pay out of pocket before the insurance coverage kicks in. Deductibles can vary from state to state, but typical deductibles are $250, $500, and $1,000. The higher your deductible is, the more your premium will be reduced. When deciding what your deductible will be, think about how much you would be able to pay out of pocket should something happen.
Another way to reduce your premium is to find out what deductibles you are qualified for. Usually you can get a multi-line discount if your auto insurance is with the same provider. It may be time to consider having those two policies with the same company to reduce your costs. If you are eligible for the multi-line insurance, check for a good driver’s discount on your auto insurance. Ask the company you are looking at about discounts for protective devices. If there is a security system, deadbolt locks, or smoke detectors in the home, this may reduce your costs. Also consider your age and whether you are a nonsmoker.
Another potential discount would be organization affiliation. Ask your insurance agency for a list of the organization affiliation. Perhaps you have a credit card, bank with a certain credit union, or were in a college sorority or fraternity that has an affiliation with the company. It is worth checking into for potential savings.
The important thing when shopping for renter’s insurance is to ask questions. When you are shopping around for quotes, make a list so you ask the same questions of each company.