When you rent an apartment, make sure to ask your landlord if you are covered under his owner’s insurance policy. They usually aren’t, but it’s worth asking. Most commonly, tenants have to get their own renter’s insurance policy when they move into an apartment. This is a very wise investment, because if there were a theft or a natural disaster, you could lose everything you have.
Before buying a renter’s insurance policy, make a comprehensive inventory of everything valuable that you own, including the following: clothing, fixtures, electronics, furniture, or other high value items like musical instruments. It is unlikely that your landlord’s homeowner’s insurance would cover anything that you own, so it is your responsibility to make sure you have your own insurance if something were to go wrong.
After you make an inventory of the things you need to insure, come up with an approximate total value of those items. Be as accurate as you can and document your list and date it. This will help minimized disputes over the value of the sum total of items you’re insuring. If you live where there is a higher risk of flooding or hurricanes, you should look into extra protection from these disasters. They are usually not included with a basic renter’s insurance policy.
Start your search for renter’s insurance coverage by searching the internet. You’ll find a huge range of insurance companies and you’ll be able to narrow the list down to a handful that cover the things you want insured. Get several – six or so – quotes before settling with one insurer. And make sure they are actual quotes and not just estimates. Insurance companies have been known to “hook” customers and then raise rates drastically once the customer has signed the contract. Compare several policies by price and coverage so you can find the best balance of both.