-
Step 1
Decide what kind of coverage you need. Most insurance for renters covers events like fire and vandalism, but they do not cover flood damage. If you live in a flood plain, you will need to purchase additional insurance for renters. Just ask your landlord if they live in a flood plain to decide if you need this extra coverage.
-
Step 2
Determine how much coverage you will need. Consider all of your belongings such as electronics, jewelry, clothing, furniture, etc. The more valuable things that you will have in the rental property, the more coverage you will need to purchase.
-
Step 3
Take pictures of your belongings and store them in a fire proof safe. This will help give details about the value of your belongings. If you have any receipts for valuable items, store them in the safe as well.
-
Step 4
Decide if you want to purchase actual cash value (ACV) or replacement cost coverage. Actual cash value means that the insurance company will pay what the item was worth at the time it was damaged, while replacement cost coverage will pay for the cost to replace the property. When there are a lot of electronics that lose value over the years, replacement cost coverage may be the best type of insurance for renters.
-
Step 5
Now that you have an idea about what kind of insurance for renters that you need, shop around and get quotes from different insurance companies. You can get quotes online or by calling each individual renters insurance company.
-
Step 6
Choose a company that gives you the most affordable quote with the coverage you need. Make sure to read all of the fine print before signing the papers.
