Renting Insurance

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How Much Renters Insurance Do You Need?

Determining the amount of renter's insurance you might need is not an easy task. The first step is usually to take an inventory of your belongings. Well, that's easier said than done, so be prepared to devote some time to it. Start by going room to room, wall to wall writing down everything you own. It might also prove helpful to take a video inventory as well.

Next, attempt to assign values to everything. For some items, you may remember what you paid, so write that down, but you'll probably want to use the replacement cost (the cost today to replace them) since it's safer to over-insure than under-insure. For heirlooms, family photos and the like, it's best to keep them in locked fire proof locations. After all, you can't assign a value to the sentiment attached to such items.

Choosing A Renters Insurance Policy

There are four primary issues to consider when selecting a renter's insurance policy - total cash coverage, deductible, actual cash value vs. replacement cost, and premiums.

• The total cash coverage is the amount you came up with when you did your inventory. Always add a few thousand dollars for the things you missed.
• The deductible is the amount you have to pay "out of pocket" before the insurance kicks in. This works just like the deductable on your car insurance. The lower the amount of the deductible - the higher the policy price and vice a versa. Select your deductible amount with the amount of ready cash you usually can afford to spend on short notice.
• Whether the policy pay the actual cash value or the replacement cost is important. It's better to have a policy that pays replacement cost (no depreciation) since that's the amount it will cost to purchase lost items new.
• The premiums for renter's insurance can be paid monthly, quarterly, or annually depending on the policy. Weigh these options with what fits best into your financial ability.

3 Quick Renters Insurance Tips

1. Make sure to make a detailed list of everything substantial that you own, especially large items like furniture, electronics, appliances, art, tools and anything else with value.
2. Make sure to identify big-ticket items. If you own very expensive jewelry such as a family heirloom worth several thousand dollars, for example, you should make sure that it and other valuable items are covered by your renter's policy.
3. Video document the contents of your apartment. This only requires a few minutes, and saves the time of trying to write down a log of your items on paper. Simply take a camcorder and walk around your house recording everything you own. Then store this videotape somewhere safe away from your apartment, for example, in a safe deposit box or at your family's house. Repeat this every few years as your possessions will surely change.