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FAQ Before Purchasing Renter's Insurance

Before purchasing renter's insurance you may want to find answers to some questions. Here are the answers to the most common questions:

1) Do I really need to buy renter's insurance?

Evaluate the cost of your possessions and how much you may loose if they suffer damage. If your things are worth a lot and the area you live in is high-risk, having renter's insurance can save you a huge amount of money in case of theft or any damage. On the other hand, if your possessions are not worth a red cent, it is doubtful that renter's insurance may be necessary.

2) Is there any difference in price and coverage between "replacement cost" insurance, and "cash value" insurance?

Usually "replacement cost" insurance is about one-third more than cash-value insurance.

3) Are there the limits on coverage on definite personal belongings?

Limits may differ.

4) What data concerning my belongings will I have to provide to the insurance company if I make a claim?

You may need to provide photo or video documentation, ask your insurer for details. Make a list of your valuable possessions and keep it somewhere safe, for example, at your parents' home.

5) Will this insurance cover temporary lodging if my apartment suffered destruction?

If your family lives nearby, you won't have any problems, but if you're new in town and have nowhere to go, you need to think about it carefully and talk to your insurer about necessary options.

6) Does renter's insurance cover my possessions away from home?

Yes, your things are usually covered when they are off the premises, but the range of this coverage differs.

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