Renter's Insurance for First Time Renters

[jorloff]

When someone takes that first step and rents their first apartment their thoughts are usually about how they are going to decorate, where to put the furniture or who they should invite to their first party. It is a rare occasion where someone includes “look into renter’s insurance” at the top of their to-do list.

The reality is people don’t assume a need for renter’s insurance because they are under the impression that their landlord has insurance so their belongings are protected in the event of a disaster and if someone gets hurt, they will just sue the landlord. Unfortunately neither is entirely true.

While landlords do carry insurance on their properties the renter’s belongings are not covered. If they are damaged by a storm, fire, or stolen it is up to the renter to replace them not the landlord. And if someone is hurt and the renter is found liable then they will be sued, not the owner of the property.

So just how does a fresh faced renter go about getting the right insurance to protect them and their property? Obviously you are going to want to call up different insurance companies to find out about rates and coverage, but you are going to want to know more and these questions can help you find the right policy for you:

• What does this policy provide coverage for (the types of loss – storms, fires, theft, etc)?
• Does this policy pay the actual cash value or replacement cost in the event I need to file a claim?
• What type of liability protection does this policy provide to me?
• Is my property covered against a loss while I am travelling?
• Does this policy provide for living expenses if I have to temporarily move out after a loss?
• Can this policy be shared with my roommates or will each person need their own policy?
• How can I pay my premiums (monthly, bi-monthly, annually)?
• Are there any policy add-ons I can purchase for additional coverage?
• If I have a roommate will this policy pay out in the event of theft or vandalism? (Some companies view roommates as a security concern and may not provide coverage.)
• What discounts are available?

Having the answers to these questions from different insurance companies will place you in the best position to negotiate the best coverage for you and your personal belongings.

Jeff Orloff writes on insurance related topics for the Renter’s Insurance Blog for the Consumer Media Network.

[Franklin]

Thanks for such useful information and your suggestions are very good guidance for me. And I think now insurance policy now easy for me to understand.

[jorloff]

Glad to be of help Franklin.

[sanalforum]

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[Jonathan K]

This is very useful information. A neighbor was robbed in my neighborhood recently and they took several laptops as wel as a TV. This is something to look into for sure. Thanks!