How to Get Renters Insurance
You don't expect catastrophes in your life, but you never know when someone may choose to steal your belongings. Likewise, you may suffer loss when a cooking experiment goes horribly awry and sets half the kitchen on fire, causing smoke damage to the rest of your belongings.
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Instructions
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Make the Right Moves Before You Get Renters Insurance
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1
Itemize your belongings, and document each major item with a photograph, keeping these photos in a place where your risk of loss is minimized. This may mean you need to leave copies of the photos with a friend or store the pictures electronically.
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2
List the purchase cost of each item and include how much it may cost to replace it.
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3
Decide whether you want renters insurance to pay the current value of your belongings (your initial cost minus the amount it depreciated) or whether you want a policy to pay the amount it would cost to replace your belongings.
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4
Assess whether you will need to get additional coverage, called a rider or a floater policy, because of specific, high-value jewelry, electronic equipment, stereo equipment, musical instruments, furniture or other items.
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5
Determine whether or not you will need additional insurance coverage because you live in an area that is prone to floods, hurricanes, tornadoes, mudslides or other "acts of God."
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6
Estimate how much you can afford to pay out of your own pocket if a damaging event, accident, or theft takes place.
Get Renters Insurance
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7
Find a reputable insurance company that operates in your state, and ask its representative for a quote.
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8
Compare your renters insurance quote with quotes from at least two other insurance companies at NetQuote.com (see Resources below).
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9
Check the ratings of your top three companies.
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Compare insurance company ratings for financial stability and customer service.
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Decide from which company you want to purchase insurance. Choose a company that has a good rating, an excellent customer-service reputation and competitive pricing. Contact the company's representative to arrange the terms of the policy, including the starting date and payment.
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Tips & Warnings
Ask the insurance representative for a list of acts (burglary, storms or tornadoes) that your policy covers and a list of acts that are not covered by the insurance you purchase. Don't wait until disaster strikes to find that you do not have adequate coverage.
