How To

How to Buy Renter's Insurance

By eHow Personal Finance Editor
Rate: (2 Ratings)

If you're renting, your landlord's insurance does not cover your household goods in case of loss. Here's how to protect your possessions.

Difficulty: Moderately Easy
Instructions

Things You'll Need:

  1. Step 1

    Locate insurance companies that offer renter's insurance by consulting the yellow pages of your phone directory or an Internet search engine.

  2. Step 2

    Contact insurance agents and ask about the terms of standard renter's insurance policies; find out if you need extra protection to insure valuables such as jewelry, art or collectibles.

  3. Step 3

    Provide selected insurance companies with your address, along with a brief description and estimated value of your household goods.

  4. Step 4

    Obtain estimates from selected insurance companies for renter's insurance that will provide coverage for your personal property against theft, fire and wind damage; personal liability for accidents of others on your premises; damage to property of others in your care; and living expenses if you're forced to vacate the premises during disasters or repairs.

  5. Step 5

    Consider buying a "replacement value" policy that will reimburse you for the actual cost of replacing your goods (instead of a depreciated value on used goods) in case of loss.

  6. Step 6

    Compare quotes and coverage levels from different insurance companies and purchase the policy that best suits your needs and budget.

Tips & Warnings
  • Most renter's insurance policies include personal liability insurance as a standard feature.
  • Premium rates can vary considerably, depending on the age and location of your rental unit, the crime rate in your area and other factors.

Comments  

Anonymous

Anonymous said

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on 11/22/2005 If you own a unit in a condo, you, too, need the equivalent of renter's insurance. Your unit is insured, but your possessions aren't. In earthquake country, like California, it's not easy to get renter's insurance. Keep trying!

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