How to Purchase Renters Insurance
Many renters assume their landlord's insurance policy will cover the contents of their home if losses are incurred due to fire, theft or tragedy. These people are mistaken. To protect the contents of your rental home or apartment, you need to purchase renter's insurance.
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Instructions
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Before shopping around for renter's insurance, inventory your home. Take pictures of all your valuable belongings. Write down serial numbers for major appliances. If you kept receipts, make a copy of them for your insurance file. Taking an inventory of your home will help you determine your renter's insurance coverage needs. If you have furs, jewelry or guns you might have to purchase supplemental policies.
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Find companies that offer renter's insurance. Some apartment communities have deals with companies that offer discounted rates to their tenants. If you live in an apartment community, check with your office manager first. If not, search the Web or phone book to locate insurance companies that carry renter's insurance.
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Obtain quotes for renter's insurance. Make sure the amount of coverage requested will cover replacement of your belongings. Call local agents to obtain personalized quotes or get quotes on the Web through insurance companies, such as State Farm, Allstate and Nationwide.
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Compare the cost and coverage of your renter's insurance quotes. Some renter's insurance policies cover liability and also some cover you in the event your identity is stolen. Make sure your quoted policies include "content replacement" coverage, which allows you to purchase items like the ones that were damaged or stolen instead of just receiving a depreciated value.
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Select the renter's insurance policy that works best for you. Purchase renter's insurance online using your major credit card or bank account. You can also purchase renter's insurance by going to your agent and writing her a check.
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Tips & Warnings
Compare at least three quotes before you purchase renter's insurance.
Ensure your valuables are covered. Purchase additional policies for large gun, jewelry, fur or silverware collections.
