Things You'll Need:
- Itemized list of your belongings
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Step 1
Decide whether you want renters insurance based on the actual value (the cost of an item minus the amount it has depreciated) or the replacement value of your belongings. Premiums based on the cash value will be lower than premiums based on the replacement value. However, with an actual-value policy, you will not receive a payment that will cover a new purchase of the item that was damaged or lost.
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Step 2
Contact an insurance company to get a quote for renters insurance, and make sure to answer all questions directly and honestly. Insurance companies can drop your insurance if they discover that you lied on your application.
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Step 3
Determine whether you are in an area prone to floods, hurricanes, or other natural disasters, and ask which events or "acts of God" are covered by the policy. Keep a list of what is and is not covered, so that you can compare the companies you contact.
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Step 4
Learn how much each separate rider (floater policy) will cost for each high priced or specialty item you own or for each special event--flood or hurricane--for which you need coverage.
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Step 5
Discover the policy options available to you if you have to vacate your rental property because of fire, smoke, mold or other damage that would make it unlivable. List the options for comparison.
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Step 6
Ask whether there are any discounts available to you because of your age, marital status or job description.
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Step 7
Compare insurance quotes from two or three companies at NetQuote.com, and determine whether the companies are financially sound and legally authorized to operate in your state (see Resources below).
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Step 8
Decide which policy best fits your needs, and contact the appropriate insurance company representative to negotiate the terms of the policy, the beginning date and the required payment.
