4 Tips for Buying Renter's Insurance
As a renter, replacing your personal belongings after a theft or fire will be much cheaper and less stressful if you have a renter's insurance policy in place to cover your losses. Since your landlord's insurance policy on the property does not cover your losses under any circumstance, you should always carry an adequate renter's insurance policy on your possessions.
Here are some tips to ensure that you purchase the best renter's insurance policy to meet you unique situation:
Determine the Replacement Cost of Your Stuff
Even if you do not consider yourself to be a person who owns a lot of material possessions, if you had to replace every single thing in your home it would quite quickly add up to a lot of money. Since you need to know how much insurance to purchase to cover all of the things you own, the first step in the process is to determine the replacement costs of each of your items. The best way to do this is to make a list of all items valued over a certain cost and then research them online to find their current market value.
Store Your Inventory List in a Safe Place Outside of Your Home
Keeping your inventory list in a safe place is vital if you ever need to file a claim on your renter's insurance policy. You should not store the inventory list in your home, rather it should be kept in a safety deposit box or at the home of a trusted friend or relative. You should not store your inventory list in a small fire safe because they are often taken in a burglary because they can contain money and other valuables.
Speak to Your Insurance Agent About Specialty Items
While a renter's insurance policy will replace your couch and other furniture, they will not replace certain high-value items, such as artwork, firearms, or jewelry. If you own any specialty items that are valuable, then you should speak with your insurance agent about getting those items insured separately at the same time that you obtain your new renter's insurance policy.
Save Money by Paying Your Renter's Insurance Premium a Year at a Time
Finally, to save some money on your renter's insurance policy, you should consider paying for an entire year's premium all in one lump sum. Most insurance companies charge you a surcharge if you make monthly payments, and paying in one lump sum can sometimes save you a significant amount of money.
Learn more about your options by contacting companies like Angel Auto Insurance.