New To Renting? Know What To Insure And What Not To Insure

Insurance Blog

If you're moving into a rental home, you have a lot on your mind and a lot going on. How to set up your furniture, buying food and toiletry supplies are just a few of the items on your list of things to do. One task that you must remember to do is purchasing renter's insurance. Most insurance companies only charge a nominal fee, so this is a wise decision. This guide explains what you need to insure and what you don't need to insure because it is covered by the owner of the home.

What to Cover With Renter's Insurance

Make a list of all your belongings and what the approximate value of those items are. Some things to include on this list are:

  • furniture
  • clothing
  • tools
  • jewelry
  • artwork
  • expensive rugs
  • decorations
  • kitchen items (pots, pans, dishes, glassware, silverware and countertop appliances)
  • electronics

Take a photo of these items, especially jewelry, artwork, electronics and expensive rugs. Having a photo can help prove the value and that you owned the items if a fire, flood or other disaster should occur.

What Not to Cover With Renter's Insurance

Because you're renting, you only need to cover your personal belongings. Therefore, the property owner takes care of the insurance of the actual building, major appliances (if supplied) and the grounds. Do not purchase insurance for these items.

The only caveat as far as the grounds go is that your car, if stolen or vandalized, is covered under your auto insurance policy. This is not the property owner's responsibility.   

Why Renter's Insurance Is Inexpensive

Because you are not responsible to insure the building, grounds or major appliances, renter's insurance does not cost a lot of money. You can add it to your auto insurance policy and may even get a discount when you bundle your renter's insurance with your car, motorcycle or boat insurance.

Each insurance company has a limit to how much insurance you can obtain. Check with your specific company's agent to learn what those limits are.

Keep in mind that even a little renter's insurance can go a long way if someone breaks into your home or another disaster occurs. Remember, the property owner's building insurance will not cover your personal possessions, so you are on your own if you decide not to purchase renter's insurance. Keep your list of insured items in a safe place so you can find it easily should the need arise.

For more information, contact a local insurance company like Angel Auto Insurance.


26 February 2015

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About ten years ago, my auto insurance was cancelled. This took place after one too many accidents. I was now a high risk, and my provider was not willing to keep me on any longer. Since there was no way that I was going to get behind the wheel without coverage, I started checking out plans with high-risk insurers. Some were not all that great, but others offered benefits that were very close to my old plan. I soon found a provider who would accept my application, and I began to be a little more careful with my driving. If you are having trouble buying auto insurance, let me help. I'll tell you what to look for in a high-risk provider, and how to find the best one in your area. In no time at all, you'll be covered and ready to get back on the road again.