Fire, flood, theft or vandalism all can occur whether you own your own home or rent an apartment. Renters insurance is a tenants way to protect, repair or replace personal belongings that are damaged, destroyed or stolen.
Just like someone who owns a home is responsible for his or her property a tenant, who is renting their home, is also responsible for his or her personal property when problems occur. For example, If the building you are living in catches fire the building owner’s insurance will cover the cost of repairing the building but not replacing your property.
Renter’s insurance is an inexpensive assurance, averaging only about $15 – $30 per month, depending on the policy and protects your personal property against damage or loss as well as safeguarding you in the event someone is injured while at your apartment.
Start by contacting your auto insurance company and asking them to provide a quote.
- actual cash value (ACV) policy versus replacement cost coverage policy
- riders for expensive items like jewelry and antiques.
Once you decide on a company and policy that is right for you, inventory your belongings, even smaller items. Take pictures of your belongings in your apartment, including where and when you purchased the items. Keep receipts or have appraisals done on big ticket items (Grandma’s heirloom china cabinet, for instance). Include model or serial numbers of relevant items (T.V.’s, for example, can be recovered if stolen based on this information). Provide the insurance company with a copy of your inventory so you are sure to be reimbursed if issues arise then keep your inventory list stored in a fire proof lock box.
It may take some time and effort gathering the necessary information but if problems occur you and your pocket book will be glad you are protected.