May 8, 2009, Newsletter Issue #131: After a Successful Apartment Search, Get Some Renter's Insurance

Tip of the Week

As you complete an apartment search and have found the perfect rental home, you should turn your attention to insurance. First time renters are sometimes confused as to what action to take. But it’s really quite easy to take care of this important consideration.

You should use personal referrals or the Internet to get renter’s insurance quotes that will give you the protection you need. Since you do not own the rental home you’re going to occupy, you need not be concerned with insuring the structure. You do want to protect all of your personal property that will live in your place of dwelling with you.

It is also wise to carry some personal liability insurance as part of your renter’s coverage. Should a guest in your rental home suffer an injury or accident that generates an insurance claim, you want to be covered sufficiently to protect your personal bank account, however modest or strong it may be.

Make an accurate inventory of all of your personal items, including furniture, clothing, electronics, antiques, small appliances, etc. Put a reasonable replacement value on each item or group of smaller items. Take pictures, if you can, of all of your “stuff.” If you have a covered insurance claim for damage or loss of personal property, you’ll have your inventory list (and, hopefully, pictures) to verify your loss.

By getting a good renter’s insurance policy, you’ll enjoy your new rental home even more. You can sleep well knowing that your personal property and liability issues are covered. You should also find the cost to be quite reasonable.

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