This quote succinctly details the theory and value of renter’s insurance. The prospect of finding and paying for insurance may be quite daunting for a student. This is true even if you have handled insurance payments in the past. Here’s a quick guide to renter’s insurance to make sure you’re on track to getting your belongings covered.
1. Inventory – The first step is to create a list of everything you own. Take down each item you own and it’s value, or approximate value. When applicable, record the serial number for high price items. This will give you a worst-case scenario idea of how much coverage you need. A wise secondary measure is to take pictures or videos of everything in your home as more evidence should the worst occur.
2. Examine your Budget – Before you begin looking at quotes you need to have a ballpark idea of how much you can afford to pay per month. Examine your budget carefully and determine an acceptable range for renter’s insurance before you start searching for quotes and deductibles.
3. Get Quotes – Patience is a virtue and jumping at the first quote you see is premature. Get multiple quotes from different sources and put them into the context of your budget. Make the best decisions, including the deductible, that makes sense for your finances and in terms of coverage.
4. Choose Wisely – When you have some finalists, meet with representatives to go over your inventory and financial concerns. It is important to understand what your renter’s insurance will cover as well as the monthly payments. Find a plain-speaking representative that will help you select the best insurance plan.
Renter’s insurance is a great way to make sure you aren’t left out in the cold and starting from scratch in the case of disaster. Yet understanding the claims process and having records of your possessions is pivotal for renter’s insurance to be a valuable investment. Remember, that’s what renter’s insurance is: an investment. Treat it with the care and attention to detail as any investment and you’ll be ready in case the worst should happen to you.