Renters Insurance

How to make sure your possessions are safe with renters insurance
By Lesley Graybeal Renters insurance is very similar to homeowners insurance except that it applies to possessions on rental properties.  Renters insurance also applies to businesses that rent their office or retail space and the products or materials housed in their rental space.
 

Often, if you have any type of existing insurance, such as car insurance, your existing provider can extend your coverage, but shop around to make sure that you're getting the best rental insurance for your needs.  And even if you have insurance, it's a good idea to protect your possessions in every way that you can, such as a fireproof and flood proof safe.

You can make sure that you get the best coverage and the best deals on your renters insurance by considering the following:
1. Get your renters insurance from the same company that insures your vehicle.
2. Get business renters insurance for properties that you rent for office space.
3. Know what types of damage your renters insurance covers.
4. Catalog your possessions or materials housed in the rental space and protect it in case of damages.

Ask your auto insurance provider about extending coverage

Cheap renters insurance is often available from your auto insurance provider if they also offer renters insurance.
Try: Ask the company that provides insurance for your vehicle if they also offer renters insurance for better apartment interest rates, and if you can receive a discount for extending your existing coverage.  Allstate and Geico both offer automobile and renters insurance, and you can get a quote on their websites.

Get the right policy if you're a business that rents

Business renters insurance may be right for you if you own a business that rents its retail or office space.
Try: Get a business insurance quote fast online, or visit an insurance provider's business insurance options page to determine what type of business insurance is right for you. Business renters insurance is a little different from the renters insurance offered to individuals--it can protect specifically against crime, accidents, and other liabilities that may happen on business property.

Know your coverage from renters insurance

Depending on your coverage, your renters insurance may or may not cover flood damage, fire, or other natural disasters.
Try: Get a quote for renters insurance providers in your area and select from different coverage and premium options.  Depending on your area's geography, you may be able to add flood insurance to your renters insurance coverage, though it's not typical.  Some providers, like Allstate, offer to not only add flood insurance but also to personalize with coverage for cash, satellite dishes, and other specific items.

Be proactive in safeguarding your possessions even with renters insurance

To make sure that your possessions stay protected, document all of your possessions with a video or photos, and keep documents in a fireproof safe.
Try: Even after setting up renters insurance, it's a good idea for your home or business to protect valuable or important documents with a fireproof and floodproof safe.  You can also get jewelry safes that will safeguard against burglary as well as fire and smoke damage to your valuables and heirlooms.  Purchase a combination safe large enough to accommodate documents, bonds, money, or even files.

• When documenting your possessions in case of damage or destruction, store the documentation both in hard copy kept in another location and online with a web-based photo storage service to ensure that you can retrieve the documentation when you need it.
• Be aware that renters insurance is a unique type of home insurance in that it does not cover damage to the actual structure of the building. Also, insurance does not cover any damage due to neglect, so speak with your lessor about any concerns you have about the safety or integrity of rental properties.