Renting Your Home? 4 Steps To Take When Getting Renter's Insurance

If you've joined the ranks of the renters, you might think you don't need to worry about insurance. Unfortunately, that couldn't be further from the truth. You may be renting the home you're living in, but you still need to protect your personal property. Before a disaster leaves you out in the cold, you need to get renters insurance. Here are four steps that will help you get the coverage you need.

Don't Short Yourself on the Coverage

When it comes to renter's insurance, one policy does not fit all. Before you purchase a policy, make sure you're not short-changing yourself on the coverage. First, itemize all your personal property and make sure the policy you purchase will provide enough coverage to replace everything should you suffer a loss. Next, make sure the policy you purchase covers your living expenses if a disaster displaces you from the home you're renting. You want to make sure that your policy will cover your rental costs should you need to move during repairs.

Understand Your Non-Coverage

If you're going to be purchasing renter's insurance, make sure you understand your non-coverage items. Those are the disasters that your insurance might not cover such as earthquakes and floods. If your policy won't cover those disasters, you may have to purchase additional policies to make sure you have the right amount of protection. This is particularly important if you live in earthquake country, or your rental home is located in a flood zone.

Bundle Your Policies

While you're shopping for a renter's insurance quote, you want to save as much money as possible, especially if you're on a budget. The best way to do that is to look for bundles. Try bundling your renter's policy with your automobile insurance. Bundling your policies can save you money on your insurance rates. It's also a good idea to raise your deductibles a bit. Most insurance companies will provide reduced rates if you opt for a higher deductible.

Keep a Current Inventory List

Once you have your renter's insurance, it's important to keep a current inventory list. You never know when a disaster is going to happen. Having a current inventory list of your personal property will allow you to file a timely claim. It will also reduce the stress associated with trying to remember everything you own after a disaster strikes. It's also a good idea to take pictures or videos of all your personal property.

Don't take chances with your personal property. If you rent a home, you need renter's insurance. The tips provided here will help you avoid problems with your policy.