If you are currently renting your home, you’ll want to consider purchasing renter's insurance to cover the value of your possessions in case of a fire, flood or other such disastrous situation. Renter's insurance is affordable these days and can cover many of your most valuable possessions.
Just about any full service insurance company can offer you renter's’ insurance for your valuables. If you already have a relationship with an insurance agency for other property insurance such as life insurance, jewelry insurance, automotive insurance, etc, you might check with this same vendor first to see if they offer renter's insurance. Because you are an existing customer, you can likely negotiate a deal for very affordable coverage.
If you do not already have a relationship with an insurance firm, a quick online search of the key words “renter's insurance” will prompt a host of vendors that can offer you this service. You might even key in your city and state in the search field if you’d prefer partnering with a local vendor in your area.
What kind of coverage can you expect?
Before visiting an agency, you’ll want to take an inventory of your valuables so you can answer your representatives’ questions more thoroughly and gain the coverage you need. Coverage varies by state, company and type but to follow are some basic examples of personal property you’ll want to include in your inventory check:
Personal property coverage
- Stereos, VCRs, and TVs
- CDs, DVDs, videos, and tapes
- Movable appliances, including microwave oven
- Sports equipment
- China and glassware
The following property may also be covered but likely with limitations:
- Home computers
- Cash, including coin collections
- Checks, traveler's checks, and securities
- Jewelry and watches
- Precious and semi-precious stones
- Comic books, trading cards, and stamps, including collections
- Antiques and fine art
- Goldware and silverware (theft)
- Rugs, wall hangings, and tapestries
- Firearms (theft)
- Furs or clothing trimmed in fur
- Boats or other watercraft, and related equipment
Natural-disaster coverage also varies by state and company, but most policies protect your property against losses created by:
- Water damage from failure of plumbing or appliances
- Frozen water pipes
- Vehicles or aircraft
This list is not completely extensive. For the most complete information on your specific valuables, you’ll want to visit with an insurance representative (or a couple for comparison) to see what kind of coverage you are eligible for and what rates you can receive.