How to Buy Renters Insurance

How to Buy Renters Insurance It isn't only homeowners who need to protect their belongings from fire, theft, or other damage

Renters can, and should, get insurance as well You will need A rented apartment or house and belongings you want to protect Step 1 Estimate the value of your belongings This will help determine the level of insurance to purchase

Step 2 If possible, itemize everything, noting value and purchase date This will make filing a claim much easier Step 3 There are two types of insurance coverage available, cash or replacement value

Cash coverage takes into account the age of your belongings, while replacement value covers the actual cost of replacing items When selecting coverage, consider an item's value to you, as well as the ease of replacing it Step 4 Your car or health insurance may also offer renters insurance, but be sure to shop around Your current company may offer discounts, but they aren't the only game in town

Step 5 Consider buying a floater, which provides extra coverage Many policies limit the payout value for items in a particular category, such as jewelry or electronics Step 6 Check for discounts

If your apartment has a security system, that may qualify you for a discount, as could smoke detectors or high-quality door locks Step 7 Just because you have a policy doesn't mean everything you own is covered in any situation Does your policy include flood or tornado damage? Be sure to find out Step 8

Don't be afraid to ask questions The more you know, the better decision you can make Did you know Renters insurance can cost as little as $12 per month