what is renters insurance?
“I was just recently robbed over Christmas break and experienced a few trials and tribulations I feel like other young adults should know. Renters/Home Insurance is key! Had I not had insurance on my apartment or even missed a payment my things would not have been recovered so easily.” - Natalie Coleman
What is renters insurance?
Renters insurance covers your personal property, a typical component of renters insurance, may help cover the cost of replacing your stuff if it's unexpectedly damaged or ruined. That protection generally applies to certain risks (also referred to as "perils"), such as fire and theft, the Insurance Information Institute (III) explains.
Most insurance companies ask for proof of items. In this day and age a lot of items are purchased online which will save you some time, but if you happen to not have receipts to the important things there are other ways to prove you had the items.
Pictures of items in the home
Emailed copies of receipts
Original packaging (for those who save their boxes to electronics)
User manuals (instructions to the item stolen)
I was even able to submit pictures of the remotes to the TV's stolen and that counted!
When reporting stolen items to the police, they must match itemized list given to the insurance company, so round up a list of all stolen items BEFORE calling. When choosing renters insurance choose a plan with an affordable deductible. My deductible was $250 to receive a check for about $3,000 worth of stolen goods so it's worth it!
Here is a list of the best renters insurance companies by ratings:
Erie Insurance
USAA
State Farm
Liberty Mutual
Allstate
Remember you don’t have to buy the most expensive insurance, especially if you don’t have a lot of items that are worth a lot. Purchase an insurance that covers things that you would hate to lose, for example, your clothes, laptop, TV, etc!