Of all of the various types of insurance out there, renter’s insurance is probably the least used and the most misunderstood. Even people who are aware of it sometimes think that they don’t need it because they don’t own enough nice things or that the chances of something happening (fire, robbery) are so remote, that the insurance is a waste of money. Here are a few essential do’s and don’ts you can follow if you are thinking about getting renter’s insurance.

DO – Make a complete list of everything you just moved into your new apartment and assign an approximate dollar value to each item. This will give you an honest appraisal of how much your belongings are worth and, that way, you can make an informed decision about getting insurance or not.

DON’T – Assume that your landlord’s or even your parent’s insurance covers you. Under almost every circumstance, these fallback options don’t work out. If your landlord has insurance on your apartment, it is to cover the apartment itself, not any of your possessions that were inside of it. There is a slightly better chance of you being covered by your parent’s insurance policy, but make sure you are before you decline getting renter’s insurance on your own.

DO – Take pictures of everything you own before you get a plan. Just like photographic proof can help you with your home owners insurance claims, the same can be true for renter’s insurance, and with the advent of digital cameras, documenting your belongings is even easier.

Ask any landlord about insurance and you’re likely to get an annoyed grunt and a shake of the head. The amount that most landlords must pay on their rental properties is outrageous considering most insurance companies automatically expect the worst out of every new tenant. But if you come armed with renters insurance, you will likely get an approving nod from your soon to be landlord. Not only are you protecting yourself in case of a disaster like a fire or a flood, but you are also basically absolving your soon to be landlord from responsibility if something happens. Instead of you picking up the phone and complaining to your landlord should something happen, you’ll be calling your renters insurance company, and that is music to the ears of your landlord. Even if you are undecided about getting renters insurance, it is always a good idea to mention it to your landlord because it helps to show that you’re serious about where you live and serious about keeping your belongings safe. Renters insurance is an adult thing to have, and for most landlords, that is exactly the kind of person they want to rent to. A small investment in renters insurance up front can save you a lot of money in the long run.

Just like the insurance that’s on your car, the rules change when it comes to renters insurance when you move to a different state. If you are in the middle of a renters insurance policy and you find yourself needing to move because of a family emergency or because of a new job, your current renters insurance company will often have one of two things you can do. They will allow you to cancel the policy in the middle, and you’ll likely have to pay a cancellation fee, or if you agree to continue your policy in another state, the company can transfer it over to a new policy that is reflective of that new states laws and rules. Most times, the company will charge you for this transfer, but if your reason for moving is because of an emergency, you can often petition to have the fee waived. The average insurance company is far more interested in keeping you as a customer than they are loading you up with fees. The biggest problem arises when you are moving to a state where that particular company doesn’t offer renters insurance. Contact your renters insurance company to see if a special exception can be made that will not result in you having to pay the balance of your policy.

Much like any other kind of insurance, the sheer amount of selection that is available on the open market is mindboggling. Most major insurance companies like State Farm offer renters insurance. Some companies will even give you discounted rates if you process more than one kind of insurance through the same company. Or you might find that a company that specializes in only renters insurance gives the best rates and the most comprehensive policies. As for the cost usually associated with renters insurance, you can find bare bones policies around 40 or 50 dollars per month. These usually cover all of your belongings up to a limit and usually only cover things like fire and flood, but not theft. As you increase your coverage, obviously, the price will increase as well. Some companies have special policies that cover things like fine art or antiques, but you’ll need an appraisal and official documents to ensure that you are able to collect on your policy if you need to. To put it simply, renters insurance is only as expensive as you want it to be. Just about everyone can afford a basic policy, and for some people, that’s enough. The more bells and whistles you add, the more you can expect to pay.

It can be a trap that we all fall into. We shop around for the best prices on a particular insurance policy and when we find the absolute dirt cheap price, we snatch up that particular policy. Everything appears to be fine, until we have to collect on that policy and then we realize why it was so affordable to begin with. Insurance companies are notorious for not paying out on policies, just ask any devastated homeowner after Hurricane Katrina. But there are a few things you can do to protect yourself. The first thing is to make a complete catalogue of everything that you own that you would claim if there was a disaster. If you don’t have a digital camera that can take full color pictures, borrow one from a friend. You also need to get the most valuable items in your home appraised, or if they are recently bought, make sure you still have the original receipts in a safe, fireproof box. You’ll need all of that paperwork and more to make the claim on what got damaged or stolen. Another big tip is to make sure that whatever calamity befell you is covered on your insurance. Salespeople are often misleading when they explain what your policy covers. Remember, if it isn’t in black and white on your policy, it isn’t covered. Some policies cover f

It is true that most folks have never even heard of renters insurance. They think that it is only for people that can’t figure out any better way to spend their money. This really isn’t true. Renter’s insurance is for anyone looking for a little piece of mind when it comes to protecting their belongings. So, who is renters insurance really for? Renters insurance is perfect for you if you feel that you have belongings that need protecting. If you have some valuable items, like a stamp or baseball card collection and you choose to keep that collection with you instead of in a safe deposit box, than renters insurance might be a good idea. If you have valuable art on your walls or items that are one of a kind and completely irreplaceable, than renters insurance is a good idea to get. Renters insurance is also a good idea if you simply want some sort of protection against theft and disaster. But you need to make sure you read your policy completely, some renters insurance covers theft, some don’t. Some will protect you against fire damage, but not from floods or hurricanes. As with any major insurance policy, reading the WHOLE THING is always the best policy.

If you’ve always wondered how you can help to protect yourself when you live in an apartment, the answer to your prayers might just be renters insurance. Renter’s insurance is a monthly insurance plan that helps to cover loss of belongings, helps to reimburse you if you’ve done work to your current apartment like adding shelves or something like that, and it can even help you if you accidentally cause damage or start a fire in another apartment. The biggest myth surrounding renters insurance is mainly that it is much too expensive for the average person to have. This isn’t always the case, however. You can get comprehensive plans that cost upwards of $100 a month, but you can also get a wide variety of smaller plans that are perfect for those only needing a little bit of coverage. Most companies that sell other forms of insurance like home insurance or car insurance also sell renters insurance, but you might have to call them specifically and ask. You should also shop around for the best rates, much like car insurance, the price of good renters insurance can vary dramatically from company to company. Overall, renters insurance is a good idea if you feel that you have a significant amount of belongings to protect. The cost per month is usually worth it.