Many renters assume that they do not need to purchase Renter's Insurance. Though you do not own the home or apartment in which you live, Renter's Insurance is important for a number of reasons. Typically, Renter's Insurance will provide coverage for your personal property as well as liability coverage to protect you if you cause either bodily injury or property damage to another party.
The first step in obtaining Renter's Insurance is to get a quote. Before contacting an insurance company for a quote, you should be ready with the following information.
- Your vitals. This includes your name, phone number, the property address, who lives there, how long they have lived there, prior addresses and employment history. This information helps the insurance carrier begin to assess risk.
- Any insurance claim history you may have. If you have had prior claims under a renters or homeowners policy, you will be asked to provide details. They may ask for the date, type of loss and extent of damages.
- Limit of insurance you wish to obtain. This is a tough one to calculate. When obtaining your quote, discuss with the insurance professional how much insurance she thinks you will need. Before moving onto that step, you should do an assessment on what you think it would cost to replace all of the property in your home if, in a worst-case scenario, the home were to burn to the ground.
- Any special items that you wish to make sure are fully covered. Insurance policies have written in limits for some high price articles, such as jewelry and some collectibles. If you own high-value jewelry or collectibles, discuss those items separately with the insurance company when you call for a quote. ...
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Author: Brad Halvorsen