So I am transfer living places and they have decided to make it mandatory to have renters insurance... Only I know nothing about it, anyone have any advice or tips?
Thanks! :)
Renters insurance can be pretty inexpensive, so shop around. Always read the fine print so you know what is covered and what voids your insurance.
I agree with you, it's a must have!
Edit: Oh and check with your current auto insurance provider (if you have one). They sometimes offer discounts if you have more than one policy with them.
Call the place where you get your car insurance from...if you have it. You can usually get a multi-line discount for having different types of insurance from the same carrier. But yeah, shop around and see what your best bet is.
I agree with the above, and also make sure that if you have any real valuables (i.e., jewelry, musical instruments, etc.), that they are itemized on the coverage.
Both apartments I've lived in require renters insurance, and both have a reccommended company to go through. Mine was so cheap, like $111 for a year and it covered the price of things when I bought them, not the depreciation, which is a cool option. I also got a discount for paying it all up front, plus now I have one less monthly bill to worry about :]
Definitely recommend it!!! An apartment in my complex burnt half way down just the other week! It was awful!
My friend pays less than $10 a month for hers. I took out a lot (probably more than I need, but I have some expensive things) and I pay about $20 a month. One cool thing about my policy is that they cover things in your car too, even if it's not at the apartment! So if someone breaks in, they'll cover it. =)
Also agree that you should try to get a multi-line discount. I'm not able to because we're not paying for our car insurance right now, but I definitely think for something as basic as renter's, it'll be a good deal.
I became a believer in Renter's Insurance when a friend of mine was between living places. Some of her stuff was at her parent's house and some was at her grandmother's house and some was in her car. Well, her parents live in California and while her stuff was in their house, their house burned down in one of the wildfires. Her insurance covered the cost of everything lost in the fire (unfortunately they can never bring back anything that had sentimental value). Until then I had no idea that stuff would be covered no matter where it was.
I have my Renter's Insurance with the same company as my Car Insurance. Because of the discount, the total cost of both is about $2 more than what just my Car Insurance would have been by itself.
As a past representative of State Farm, renters insurance was only 20 dollars for coverage of 100,000 dollars of personal item. You must have a separate policy for jewlry, computers, collectables and instruments, and furs. Those items must be appraised (the collectables, instruments and furs and jewlery) The computer needs a receipt for the cost of it. Some instruments are ok to have just the receipts also. This all depends on the company you go with.
If you live with your parents, and are just away your personal items should be covered under their homeowners policy. But you should check for exclusions on that. Make sure you read the requirements for filing a claim and keep that in a safe place.
I wish you the best of luck.
Take care and God Bless.
Might not be relevant to you (and if not, I apologize, but you look so young), our son's contents were covered by our home policy the entire time he was at university. There was a B&E and his stereo and cd collection was stolen, and we had no problems whatsoever with the claim.
