So you've decided to rent a new place, congratulations! We're sure you're excited to move in. Maybe you're already packing your things. But hold on a second - there's something you need to do first.
See, your landlord's insurance only covers so much. The cost of repairing the building after a storm or a fire, for instance. That's about it. To protect yourself and your belongings, you'll need renters insurance. In order to guide you through the process and help you get the best deal possible, we've put together a handy checklist:
First things first
Before you actually buy renters insurance, it's a good idea to take an inventory of your belongings, including furniture, clothing, and electronics. Make a detailed list, take photographs - better …show more content…
Receipts are great, but estimates are fine too. It might seem like a lot of work, but having this purchase information will give you a good idea of how much coverage you'll need. And if you do end up needing to file a claim, you'll be thankful for having done much of the legwork beforehand.
The right amount of coverage
After people have decided to get renters insurance, their first question is often How much insurance do I need? Well, you'll need enough to replace all of your personal possessions in the event of a covered disaster - like a fire or windstorm - or theft and vandalism. This is where your home inventory comes into play. See, we told you it was worth it.
You'll have two choices when it comes to recouping the costs of damaged household items, between replacement cost coverage and actual cash value coverage. Actual cash value policies are the cheaper of the two, but they calculate depreciation value from the purchase price. Replacement cost coverage is a bit pricier, but it reimburses the full cost of replacing or repairing a damaged or destroyed home, even if it goes above the policy limit. It's up to renters to decide which coverage policy is best for …show more content…
Good question. Liability protection covering you against lawsuits for both property damage and bodily injury caused by you, family members or even pets is provided by renters insurance. The costs of defending yourself in court and any potential court awards are paid for up to the limits of your policy. When you sit down to determine liability coverage, confirm it's sufficient for your needs.
Some renters may feel they need more liability protection than is typically offered. If that sounds like you, personal umbrella liability policies are an option. These policies kick in once the limit of your primary liability coverage of your auto or renters policy is reached. They also provide additional protections, like against slander and libel.
Save money on renters insurance
There are a number of ways for renters to get discounted coverage, particularly if you're using the same provider you rely on for online car insurance or business insurance. Look for apartments that have features like smoke detectors, security systems, and dead bolt locks. Have your landlord install these in your apartment if you don't already have
See, your landlord's insurance only covers so much. The cost of repairing the building after a storm or a fire, for instance. That's about it. To protect yourself and your belongings, you'll need renters insurance. In order to guide you through the process and help you get the best deal possible, we've put together a handy checklist:
First things first
Before you actually buy renters insurance, it's a good idea to take an inventory of your belongings, including furniture, clothing, and electronics. Make a detailed list, take photographs - better …show more content…
Receipts are great, but estimates are fine too. It might seem like a lot of work, but having this purchase information will give you a good idea of how much coverage you'll need. And if you do end up needing to file a claim, you'll be thankful for having done much of the legwork beforehand.
The right amount of coverage
After people have decided to get renters insurance, their first question is often How much insurance do I need? Well, you'll need enough to replace all of your personal possessions in the event of a covered disaster - like a fire or windstorm - or theft and vandalism. This is where your home inventory comes into play. See, we told you it was worth it.
You'll have two choices when it comes to recouping the costs of damaged household items, between replacement cost coverage and actual cash value coverage. Actual cash value policies are the cheaper of the two, but they calculate depreciation value from the purchase price. Replacement cost coverage is a bit pricier, but it reimburses the full cost of replacing or repairing a damaged or destroyed home, even if it goes above the policy limit. It's up to renters to decide which coverage policy is best for …show more content…
Good question. Liability protection covering you against lawsuits for both property damage and bodily injury caused by you, family members or even pets is provided by renters insurance. The costs of defending yourself in court and any potential court awards are paid for up to the limits of your policy. When you sit down to determine liability coverage, confirm it's sufficient for your needs.
Some renters may feel they need more liability protection than is typically offered. If that sounds like you, personal umbrella liability policies are an option. These policies kick in once the limit of your primary liability coverage of your auto or renters policy is reached. They also provide additional protections, like against slander and libel.
Save money on renters insurance
There are a number of ways for renters to get discounted coverage, particularly if you're using the same provider you rely on for online car insurance or business insurance. Look for apartments that have features like smoke detectors, security systems, and dead bolt locks. Have your landlord install these in your apartment if you don't already have