Rental Insurance

If you have a lot of good things my advice is to take out rental insurance. Also take photographs of your valuable items, keep all your purchase receipts and invest in a fireproof box. It does not cost that much. Check out reputable insurance companies and get two or three quotes. I don't rent but I own a condo and have content insurance for my stuff. Last year I had a flood that destroyed two valuable oriental rugs and damaged my hardwood floors. My insurance had the rugs evaluated and let me replace them with comparable rugs. They also repaired the hardwood floors for which I had paid $6000. They were even willing to rip them out and replace them. But I did not want that since I would have to move out for the time being. So I told them to just repair them which they did and they waved the deductible of $ 500.

I have my rental insurance through my car insurance company as a package. BTW I have Allstate. They grouped everything together for me, and I found that my car insurance actually dropped because i added renters insurance. I believe that the insurance company looks at it as you are a more responsible person. Anyway it is really not all that expensive with both renters and car insurance i am paying what i used to pay just for the car insurance. This is a good thing in case of theft or fire.

I'm in the same boat as you I have a lot of valuable stuff and I'm looking into some renter insurance also because our house already was broken into but we where blessed because we got almost everything back. So we are really in the process of getting renters insurance.

You should start by asking friends, co-workers, etc, emagyne, who they have renter's insurance with. A company is only as good as their reputation. That's why it pays to do the research. I do not have renter's insurance, but I do keep fire insurance. I am looking to add renter's insurance in the near future.

When I was 1st on my own, I didn't know about rental insurance. A roomate and I rented a small house. It was a lovely experience. Until we got robbed. Then it cost me a bundle just to get a new bed. A used tv etc. It adds up.

I rented for 6 years and never had it. I never felt a need. I lived in a 12 apartment building for the first year then in a 10 townhome building the last 5 years and never had the first problem. But on the other hand, a college classmate lived in a duplex and though the fire was not on her side of the duplex, her apartment was destroyed when the roof caved in on both sides. On the upper floor, what wasn't crushed was soaking wet and ruined by the water the firemen used to extinguish the blaze. The bottom floor was wet as the water used was on both floors. I was working for the company at the time and she begged me to let her in her apartment as we had it boarded up. The only thing she wanted was her wedding photo album which made it and was not destroyed or wet. So I let her in long enough to get her album and that was it. She had renter's insurance which promptly replaced her items within a month. The damage to the duplex was a total loss. The person on the other side not only lost her belongings, but she also lost a son in the blaze as well. At least here, it's not expensive. I got a quote and for $45,000 worth of coverage, it was about $25 a month. If it makes you feel better, then get it. It's always better to have it and not need it than to need it and not have it.

I would definately get renters insurance. (But then again I sell the policies!) You'd be amazed at the things that are covered. Ask your agent if they have various forms of renters policies, and always ask for a Replacement cost endorsement instead of just taking the Actual Cash Value. Your items depreciate in value, so that couch you paid $1500 for last year may only be worth $1000 today. If you get the replacement cost endorsement the company will pay you the amount it would cost to replace it today, and not what it's actually worth. The endorsement is really inexpensive, and well worth it. Also ask your agent is they have a checklist of items available so you can do an easy inventory, keep a copy in your file with the insurance agent and keep one in a safe place for yourself, and remember to update it annually!!