Renters Insurance Tips
One of the smartest ways to make sure that your personal possessions are safe and protected is to invest in renter’s insurance. This is truly the only way to go about securing your property properly, and these tips can help you get a great deal on valuable coverage.
1. The first thing that you must do is take inventory. You need to be able to account for each and every possession that you own. Lots of folks make the mistake of only putting a single figure down on paper for all of the things that they keep in their rental. Though this might seem like a good idea to save time when you do it, it can cost you later on when things start getting disputed a little more heavily. You need to make sure that you stick with specifics with how you list the property if you want to end up getting what you deserve from your insurance company. Write down all of the information that you have, including all of the numbers associated with a piece of property, its price, where you purchased it, and any other details. This will help you win out against your insurance company down the line.
2. Another thing that you might want to look into figuring out is just how much insurance coverage your building is under. Most people think that they are covered under their landlord’s insurance policy, so they don’t get their own renter’s insurance. Even if your landlord has a comprehensive policy on his or her property, that will not cover the possessions that are within your apartment. There are plenty of gray areas, too, so you want to make sure that you have all of your details worked out in case the unfortunate happens.
3. What kind of value are you looking to get out of your insurance policy? Do you want only the replacement price of your possessions or are you looking for some sort of cash value out of them? Though many people don’t realize the huge different here, it certainly exists. You need to know the difference between these two terms and from that, figure out exactly what you need. Replacement cost is going leave you with a bigger insurance policy and it will leave you with much higher payments. It will mean, however, that you can replace all of your stuff if it happens to get stolen or if a fire burns down your apartment.
4. You might also want to throw a personal liability policy onto your insurance, as well. Many insurance providers will give you the option to add this on to your existing policy and this is always a good idea. If somebody gets hurt while they are on your property, you can be sued for lots and lots of money. Nobody wants that cost and no one wants the potential hassle of going through a lawsuit. With litigation being at an all-time high and medical costs being through the roof in their own right, it is important for you to keep this in mind at all times.
5. If you are planning on running a home business out of your rental, then you might want to get insurance for that, as well. It doesn’t matter if you work as a freelancer or if you are a full-time employee working out of your home for some company, you need to make sure that you are covered. This way, if something happens and you can no longer run your home business from your rental property, you can collect on that from the insurance company. This will be important to you if you end up losing out on the chance to make money because something unfortunate happens. You want to make sure that you get this package, as it is often not included with your standard insurance.
6. So what are you looking for out of an insurance policy? Do you want to pay up front or are you looking to keep the high deductible in place? Lots of people opt to pay high premiums all along the way because they don’t see how they will be able to pay a huge deductible if something unexpected happens. This sounds nice in theory, but you can end up paying thousands more dollars over the long haul when you choose this. You should always put back a little bit so that you could pay that deductible, but don’t opt for the higher premiums because this is just costing you money.
7. It is always smart to make sure that you are looking at quite a few different companies. There are companies all over that now offer a form of renter’s insurance, so you don’t have to be tied to only one company. If you search hard enough and you are willing to go with someone who isn’t a huge name, you might find a really good deal out there. Like with anything, the more you shop around, the better your chances are of finding a good deal.
8. So what do you do if the premiums you are looking at are just too high? In many cases, this means you don’t have good credit. They don’t think that they can trust you, so they are slapping high numbers on you. If you can get a hold of your credit report and make changes or improvements to it, you can save a lot of money on things like insurance.
9. You want to make sure that everything is covered. You will want to look specifically for coverage of things known as