What You Need to Know About Renters Insurance
If you own furs, jewelry, silver or other valuable items, the traditional policies may not provide enough coverage for you. If this is the case, you might want to consider purchasing a floater policy to supplement your coverage. A floater provides additional coverage for your valuables over and above what your traditional renters policy provides.
Costs of most renters insurance policies are affordable, generally a couple of hundred dollars per year. This is a small price to pay to protect yourself and your belongings. If you cannot afford a lump sum payment, ask your insurance agent if it is possible to use a payment plan so you can spread the payments out over time.
Where to Find Insurance
Finding a reliable provider of renters insurance is not difficult. Getting references is a good place to start. Ask your family, friends, coworkers and colleagues, or anyone you know who rents their home, if they have insurance. Ask them what their experience has been with the insurance provider. Find out what rates they pay, and how easy or difficult it is to submit a claim.
You can also browse through the telephone directory or online resources like Insweb.com. Your state insurance department may also have a list of insurance companies or agents for your area.
Submitting a Claim
In the rare event that you do experience a problem within your rental apartment, here are a few tips from Insweb.com for submitting a claim and dealing with both your landlord and insurance agent in the aftermath of a crisis.
* Promptly notify your insurance agent of your loss. Also contact your landlord or management company to inform them of the situation (if they don't already know about it.)
* Review your insurance policy to determine what may be covered. For example, will your policy cover emergency living expenses if you are forced to move temporarily as a result of your loss? If necessary, ask your insurance representative to clarify any details.
* Describe in detail the damage that occurred in your apartment, and put it in writing. Include photos, and collect any receipts, cancelled checks or other documents that will help your insurance rep identify the value of your damaged possessions.
* Make sure the landlord does the repairs. Your landlord should make whatever temporary repairs are necessary until an insurance adjuster inspects your apartment. Once the inspection is complete, your landlord should follow up with more permanent repairs as needed. Do not make
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