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
- Explosion
- Riot or civil commotion
- Damage caused by aircraft
- Damage caused by vehicles
- Smoke
- Vandalism or malicious mischief
- Theft
- 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.
Take
inventory
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.
