If not followed correctly, your claim could be delayed or even denied. There are steps you must follow to file a claim. A fat lot of good it’s going to do you if they burn up with all of your stuff! Leave them at your office or a friend or family member’s home. This seems like a pain when you’re doing it, but it will help your insurance company accurately estimate how much money you’re due and to settle your claim more quickly.īe sure to keep these inventories off-site. Note the make and model of them along with their cost. If you’ve already tossed them, go back through your credit card and bank statements and find the value of these items. You don’t need to document every washcloth and pillowcase, but a good camera pan of your linen closet will help determine how much monetary loss you’ve suffered.įor more expensive items like your furniture and electronics, photograph or scan your receipts. This will help you prove what possessions you owned should you ever need to file a claim. It’s helpful to have a written inventory as well as video and photographs of your belongings. Once you have your coverage in place, go through your apartment and do a thorough inventory of all of your belongings. If you live in a flood-prone area, you can buy additional flood coverage. If you have valuables like artwork, expensive jewelry, or camera equipment, you can purchase a rider that will provide additional coverage for those things. “The average renter owns about $20,000 in personal property and is 25 percent more likely to be burglarized than someone who owns a home. That’s okay when you’re filling out information to get a quote from an insurance company you’ll be asked questions that will give you a pretty solid ballpark idea of how much coverage you need to cover your possessions. Quick, what is the actual cash value of all of your personal possessions? You have no idea, do you? I think most of us would be hard-pressed to come up with that number. If you have a lot of expensive possessions, your monthly price may be a little higher, but renter’s insurance is affordable. Of course, your cost may differ based on how much coverage you think you need. This Lemonade Video walks through its sign-up process. My quote for $40,000 in property coverage, $100,000 in personal liability, $12,000 in loss of use, and $1,000 in medical payments to others was $12.25 per month. No matter how broke you are, I think you can come up with about $10 a month to cover not only all of your stuff but your ass too in case one of your friends gets drunk at your place and falls out a window or something!īecause I like to shop around, I also plugged my information into Lemonade. How much is this going to cost me a month? Less than $10, my quote was for $8.83 a month. I live in a small apartment and don’t have a lot of high-end furniture, electronics, or jewelry so I was recommended a standard policy with $25,000 to cover my personal possessions, $300,000 in personal liability, $2,000 in medical payments to others, and $4,000 in loss of use, meaning the amount covered if I was unable to stay in my apartment. Just enter your name, date of birth, address, and answer a few basic questions about your apartment and the value of your personal possessions.īased on your answers, PolicyGenius will suggest the best renters insurance for you. You can go to PolicyGenius and get renters insurance quotes in a few minutes. How Much is Renters Insurance?Ī lot of you might have thought about what you pay for car insurance and blanched at the idea of paying for renter’s insurance too. They will need to purchase their own renter’s policy. If you live with a roommate, their personal belongings are not covered under your policy. “Accidental loss” is not covered, so if you lose your laptop or phone, renters insurance doesn’t offer replacement cost coverage in those circumstances. If a pipe were to burst and flood your apartment, standard renters insurance would cover that it’s considered a separate thing from flooding caused by heavy rain or a hurricane. Some companies sell additional coverage for these occurrences. Typically, standard renters insurance coverage does not cover property damage caused by natural disasters like flooding, earthquakes, and sinkholes. What’s Not Covered by Renter’s Insurance?
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