TIP 3

Be sure the renters policy covers not only the large items such as the flat screen TV and other appliances, but the smaller more expensive items such as family jewelry. Many policies exclude such items unless they are separately listed in an addendum. If you have such valuables then make sure the policy will replace them at full value.

TIP 4

Keep a record of both the major and minor items that you would need replaced. Receipts are best but who keeps every receipt for every item? Instruction booklets for appliances and electronic equipment are an excellent record of proof of ownership and value. If you do not have either of these then a simple photograph is most cases would suffice.

In this age of picture phones you can take photos of most of your items and store them on in your phone memory! Check with the insurer that these are acceptable before you take the renters policy. Make sure you keep such records either in a secure place away from your home or in a fireproof box that is unlocked. Why unlocked? Nothing is more intriguing to a thief than a locked box. They just might take the entire box just to be sure, but would never bother with pictures or receipts.

TIP 5

If you are a collector of unusual memorabilia such as trading cards or comic books then you must include such items in a separate addendum to the renter’s policy. It is very important to have both a visual record and an appraisal of the value of such items. Most insurance companies will add a small additional fee to the renters insurance premium but it is definitely worth it to make sure these collectibles are totally covered.

If you follow these 5 simple tips you will be able to sleep well knowing that you are fully covered in the case of any loss you might incur as a renting or leasing tenant. Nitin George