Renter`s Insurance

If you rent a home or apartment, one of the things that you need to strongly consider is renters insurance. There are several levels of protection that you can have with your policy and obtaining a quote is relatively easy. A quote is not a firm offer from an insurance company and there is always a chance that the price could change when you finalize the agreement. Most insurance policies for renters are for one year but if you purchase new items, remodel or upgrade electronics you need to contact your insurance agent and have them adjust the items that are covered by your policy.

Some of the things that will influence your policy price include where you live, the level of crime in the area, the products that you own, if you only want specific items insured and if you have other insurance policies with the company. Most people can add renters insurance to existing policies for life or auto insurance for a small fee. You can further maximize your insurance savings by paying the premium for a year but do keep in mind, if you upgrade or make new purchases it is your obligation to contact your agent to have an update made.

There are differences between home renters insurance and apartment renters insurance. For those who rent an apartment there are certain things that can not be covered like structural damage and property damage by acts of neglect. Some aspects of apartment renters insurance should be covered by the landlord; if the ceiling collapses and your stereo and television are destroyed that would be something that the landlord would be responsible for if it is found that he neglected in making a timely repair.

When preparing for a renters insurance policy there are some things that you need to do before you contact an agent. Have photos taken of the items you want to insure, photocopy receipts for the items, if there are serial numbers for electronics it is also helpful to have those printed out. The more information you can provide for the agent the better quote you can get. Some of the more progressive insurance companies allow you to upload your information to be reviewed; this eliminates having to go to an office and wait for an appointment.

Apartment renters insurance varies from area to area and greatly depends on the overall worth and value of your items. Being honest about what you own will greatly benefit you if an accident occurs. The base average price for renters insurance is about $15.00 a month but keep in mind that is only an average price. In larger cities like San Diego, New York and Houston the base average price is about $22.00. Most companies that offer apartment and home renters insurance offer you a slight discount for paying for a six or twelve month policy with a carryover provision if you move within the coverage time. If you do move within the policy period it is your responsibility to contact your insurance agent and notify them of your move and if you wish to have your policy revised.

In the event of an accident, theft or personal property damage you will have a set amount of time to contact your insurance agent. They have a contractual obligation to respond within a set amount of time to evaluate your claim, gather more information on review a police report regarding theft. This is something that you and your agent should cover when the policy is put in place. Be sure to keep the contact information, policy and coverage details in a safe but accessible place in case they are needed.

Home renters insurance doesn't vary much from apartment renters insurance; there are more things that can be covered since the property that is being rented will be of substantially higher value. Just like apartment renters insurance, there are some things that will not be covered. When obtaining a quote for renters insurance it is important to know all of the allowable items that can be added to a policy. If you have an older television it might no benefit you to add it to the policy if it is going to increase the rate. You also have to know what will and won't be covered with renters insurance.

Acts of God are usually not allowable as a claim for renters insurance however if your house or apartment is flooded after a storm and it was because of willful neglect on the part of the landlord then his property insurance would be responsible. You can use the information from your existing renters insurance policy as proof of ownership of the items in the case of catastrophic loss. Again, this is where accurate recordkeeping, photographs and receipts can be be extremely beneficial in the claim submission process.

Obtaining a quote for renters insurance is the first step of the process. A quote does not mean that you have coverage or that there is any agreement in place for coverage so you need to finalize the contract. This may involve making the first payment in advance however if you are an existing client of an insurance company they may agree to add the charges to your current policy if you have auto, motorcycle or life insurance through them.

Regardless of whether you are renting a home or apartment, getting insurance for your personal effects is an inexpensive way to protect your investments. Be sure to stay in contact with your insurance agent if you sell or purchase new items so your policy can be adjusted. In same cases it may not change the price of the insurance policy but it will be amended to include or remove personal property. For as little as $15.00 a month you can have the peace of mind in knowing that your personal items are protected in case of theft or damage.