Table of Contents
- 1 How to Know if You Need Renters Insurance
- 1.1 What is Renters Insurance?
- 1.2 How does renters insurance work?
- 1.3 What does renters insurance cover?
- 1.4 How much does renters insurance cost?
- 1.5 When should you buy renters insurance?
- 1.6 How to shop for renters insurance?
- 1.7 What to do if you have a claim?
- 1.8 Do you need renters insurance?
- 1.9 Tips for shopping on a budget:
How to Know if You Need Renters Insurance
What is Renters Insurance?
A renters insurance policy helps protect you if your personal belongings are lost, stolen, or damaged due to events like fires and floods. Whether your landlord’s insurance covers your belongings is debatable, so it’s best to be prepared.
How does renters insurance work?
A renters policy covers the personal possessions you use in your home for their replacement value (the cost of buying new ones). It also covers additional living expenses if you need temporary housing while repairs are made after a loss covered by the policy. Typical renters insurance may cover changes to your home caused by smoke or fire damage, vandalism, and theft.
What does renters insurance cover?
Just about anything you own can be covered under a renters policy if it’s used for personal use in your residence. This includes the contents of your entire room—furniture, clothing, jewelry, sports equipment, linens, and other household goods.
How much does renters insurance cost?
Renters insurance costs $200 to $400 a year for around $20 000 worth of coverage. More expensive items like cameras, musical instruments, or computers could add about $100 to the annual premium.
When should you buy renters insurance?
You should buy renters insurance as soon as you move into your first apartment or upgrade to a larger place that would require more coverage. If you’re moving into an apartment that’s already furnished, be sure to ask if the previous tenant had renters insurance. If they did not—or if the former policy didn’t cover the full replacement value of your possessions—you should consider buying a policy.
How to shop for renters insurance?
You can save considerable money by shopping online and asking lots of questions. Some services will let you make a free quote comparison, but it’s important to read the fine print before deciding on a policy, so you know exactly what you’re getting for your money. Also, be sure to read the customer reviews of each company before buying a policy.
What to do if you have a claim?
The first thing to do is contact your insurance agent and report any damage or theft as soon as it happens, and be prepared to provide proof of ownership. You will need detailed records of your possessions, like receipts and photos, to make sure your claim is covered properly.
Do you need renters insurance?
Most landlords require tenants to carry their own renters’ policy rather than being included under the landlord’s property insurance plan. If you have a homeowner’s policy covering the structure of your home, it will not cover your possessions.
Tips for shopping on a budget:
Shop online and be prepared to do some comparison shopping—rates can vary widely from one insurer to the next. If possible, buy renters insurance when you are moving into your apartment, so you have more time to compare policies while doing research. Renters Insurance can be purchased by anyone 18 or older. Parents, consider adding your college-aged children to your renters’ policy. It’s inexpensive (typically $20-$40 per month) and well worth it for the peace of mind it provides knowing your son or daughter is protected.
Summary
Now that you know all about renters insurance, it’s time to get a policy of your own. Protecting your belongings is essential, and with the right coverage, you can rest easy knowing that you’re prepared for any situation. Shopping online for a policy is the easiest way to find a great deal, and most companies offer free quotes so you can compare rates quickly and easily. Don’t wait—get insured today!