Perhaps you’re about to rent your first apartment or move into your next rental home. Whatever the circumstances are, renters insurance protects your furniture, electronics, appliances, and other valuables. Here’s some advice to make the buying process go smoothly.

How to Buy Renters Insurance

1. Review the Lease

Read the lease carefully, as some landlords make renters insurance a requirement. Learn what property damage the landlord covers, such as water damage from burst pipes, and what you’re responsible for. If you want to change any aspects of the rental agreement, have the landlord provide an addendum in writing.

2. Have the Property Inspected

Schedule a property inspection to identify any issues that compromise the safety of your belongings, including plumbing and electrical problems and signs of termites. Take pictures of the damage and request repairs from the landlord so that they don’t make claims against your insurance company or deduct money from your security deposit. Date the pictures to make it clear that the issues existed prior to you moving in.

3. Create an Inventory of Your Belongings

Make an exhaustive list of the items you own to get a clear idea of how much coverage you need. Compare your requirements to what the carrier’s policy provides, as you may need additional coverage for certain belongings due to policy limits. For example, if you have valuable jewelry worth $5,000 and your policy provides coverage up to $1,000 for accessory theft, you’ll want more coverage.

Also consider extra coverage in light of your location. If you live in a flood-prone area, purchase flood insurance since it’s not provided under renters or home policies.

4. Don’t Forget About Replacement Cost Coverage

Compare actual cash value and replacement cost coverage before making a final decision. If you choose actual cash value coverage, you receive compensation for damaged belongings based on their current worth, not what you paid for them originally. Replacement cost coverage replaces damaged items regardless of their present value. 

Review renters insurance policy options with Flathead Farm Mutual Insurance Company in Kalispell, MT. This local office has served customers throughout the Flathead Valley area since 1907. Call (406) 752-7500 today to request a quote, or learn more about their services online.