| by Kenneth Chase | 1 comment

How to Get Renters Insurance (Apartment Hunting 3/3)

Meet Jasmine. Jasmine is a State University junior about
to move into her first apartment. Jasmine has watched our video “Renters Insurance
101”, so she understands the importance of renters insurance. However, she has no idea how to actually get it. What should she do? Well, her first step is simple: shop around
for the best renters insurance plan. To do this, Jasmine can either go online and
get quotes from insurers, contact a local insurance agent, or use our prefered website
to easily get great renters insurance. Now that Jasmine understands how renters insurance
works and how to get it, as long as she follows these eight rules she should be set for the
future. Rule 1: Always opt for plans that reimburse
the full replacement cost of an item, not just the cash value. That’s because cash value factors in depreciation,
so your insurer may only pay $500 for that refrigerator you paid $2,000 for two years
ago. Rule 2: To save money, choose a renters insurance
plan with the highest deductible you are willing to pay. The higher the deductible, the lower your
monthly premium. Rule 3: Before getting any renters insurance
plan, be sure to carefully read its fine print. Rule 4: Be sure to shop around for renters
insurance plans at least every three years. Depending on your circumstances, you may qualify
for lower rates. Rule 5: After you get your policy, do a home
inventory. This is simply a record of the cost of all
items in your apartment, ideally with photographs attached to prove ownership. This list will prove invaluable, both in determining
how much coverage you need to buy, and in the event you need to file a claim. Rule 6: If you have expensive artwork, furs,
or jewelry, all items generally not well covered by standard renters insurance, consider paying
a little extra to add them to your policy. Rule 7: If your property is damaged or stolen,
don’t delay, call your insurer and file a claim as soon as possible. They’ll likely reimburse you, even if the
theft or damage took place outside of your apartment. Finally, Rule 8: If you have roommates, possibly
avoid adding them to your insurance plan. That’s because reimbursement checks are
split equally amongst all policyholders, even if the destroyed property only belongs to
one roommate. This is nightmare scenario waiting to happen,
especially if your roommate is short on cash. Congratulations! You have finished the renters insurance basics
curriculum! If you want to see our free recommendations
for great renters insurance plans, or just find more educational material, be sure to
check out our website!

1 Comment

Lee The Leo

Mar 3, 2017, 11:09 pm Reply

Jasmine is kind of hot at 0:36 lol But no,. Nice video.

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