You just started renting an apartment and you have accumulated some nice things to make your apartment more homely. However, while at work, someone breaks into your apartment and steals your most valuable items. Now what do you do?
You can file a police report, and hope that they find your stuff, or you can purchase a renter's policy for future break ins. Renter's insurance is surprisingly affordable, and covers your belongings from most perils. Below is a list of what most common renter's policies cover.
What is covered
- Fire or lightning
- Windstorm or hail
- Riot or civil commotion
- Damage caused by aircraft
- Damage caused by vehicles
- Vandalism or malicious mischief
- Volcanic eruption
- Falling objects
- Weight of ice, snow, or sleet
- Accidental discharge or overflow of water or steam from within a plumbing, heating, air conditioning, or automatic fire-protective sprinkler system, or from a household appliance
- Sudden and accidental tearing apart, cracking, burning, or bulging of a steam or hot water heating system, an air conditioning or automatic fire-protective system
- Freezing of a plumbing, heating, air conditioning or automatic, fire-protective sprinkler system, or of a household appliance
- Sudden and accidental damage from artificially generated electrical current (does not include loss to a tube, transistor or similar electronic component)
What is excluded on this list is flood. If you live in a flood prone area, flood insurance would be a separate policy, and the rates are mandated by National Flood Insurance Program, based on where you live.
To ensure you’re compensated for any belongings you lose from a fire, storm or other catastrophe, you should inventory all of your personal belongings. List each item, its value and serial number. Photograph or videotape each room, including closets, open drawers, storage buildings and your garage. Keep receipts for major items in a fireproof place. To make things easier, the Insurance Information Institute has free inventory software that helps you create a room-by-room inventory of your personal possessions. For more information, go to KnowYourStuff.org.