How to Get Renters Insurance (Apartment Hunting)

Today, we’re going to be talking about How to Get Renters Insurance. The example, however, Jasmine has no idea how to actually get it. What should she do? Well, her first step is simple: shop around for the best renters insurance plan. To do this, Jasmine can either go online and get quotes from insurers, contact a local insurance agent, or use our prefered website to easily get great renters insurance. Now that Jasmine understands how renters insurance works and how to get it, as long as she follows these eight rules she should be set for the future. 

Rule 1: Always opt for plans that reimbursethe full replacement cost of an item, not just the cash value. That’s because cash value factors in depreciation, so your insurer may only pay $500 for that refrigerator you paid $2,000 for two years ago.

Rule 2: To save money, choose a renters insurance plan with the highest deductible you are willing to pay. The higher the deductible, the lower your monthly premium. 

Rule 3: Before getting any renters insurance plan, be sure to carefully read its fine print. 

Rule 4: Be sure to shop around for renters insurance plans at least every three years. Depending on your circumstances, you may qualify for lower rates. 

Rule 5: After you get your policy, do a home inventory. This is simply a record of the cost of all items in your apartment, ideally with photographs attached to prove ownership. This list will prove invaluable, both in determining how much coverage you need to buy, and in the event you need to file a claim. 

Rule 6: If you have expensive artwork, furs, or jewelry, all items generally not well covered by standard renters insurance, consider paying a little extra to add them to your policy.

Rule 7: If your property is damaged or stolen, don’t delay, call your insurer and file a claim as soon as possible. They’ll likely reimburse you, even if the theft or damage took place outside of your apartment.

Finally, Rule 8: If you have roommates, possibly avoid adding them to your insurance plan. That’s because reimbursement checks are split equally amongst all policyholders, even if the destroyed property only belongs to one roommate. This is nightmare scenario waiting to happen, especially if your roommate is short on cash. Congratulations!

You have finished the renters insurance basics curriculum! If you want to see our free recommendations for great renters insurance plans, or just find more educational material, I hope you enjoyed this session on everything you need to know about How to Get Renters Insurance (Apartment Hunting). So always be sure to contact a professional before making any financial decisions.