Renters Insurance

A homeowners’ insurance policy doesn’t always cover the loss of renters’ possessions so therefore a renter needs renters insurance to cover those losses. Before you apply for renters’ insurance you should figure out the value of your possessions and this includes the prices you paid for the possessions.

Renters’ insurance covers the loss of possessions due to theft or apartment fire or flood, medical and liability expenses of guests who are injured while at your apartment and any liability expenses you may incur due to the guests’ injuries. To get the best deal on renters’ insurance, visit comparison websites and compare the insurance packages.

If you’re a college student you should especially consider renters’ insurance because you keep expensive items such as computers, furniture, televisions and radios. These items may cost a lot of money to replace out-of-pocket but if you get renters’ insurance you’ll be able to purchase new items without breaking your pocketbook.

Another reason you need renters’ insurance as a student because some tenants in your dorm may leave the faucet or stove on for a long time without remembering it, and you could experience a flood or fire. To get the best deal on renters’ insurance as a student, see if your parents’ insurance policy covers the rental expenses of their college-aged children who live in a dorm. If you have auto insurance, find out if they offer rental insurance for students.

If you lost your possessions in the apartment due to theft, file a police report immediately because you need this as proof when you file a renters’ insurance claim. It’s also important that you make a list of all of the items you lost and the prices at which you purchased them. This will determine how much money you’ll receive from the insurance company.

Beware of renters’ insurance companies that could be scams. If they make excessive claims about the coverage they offer renters, this is a red flag. If you visit an insurance company that doesn’t have a valid e-mail address, phone number or mailing address, avoid this company. Before you purchase a policy from a renters’ insurance company, visit the Better Business Bureau’s website and get reviews on the company.