Features

• Typical renters policies offer insurance protection for personal property up to a specified dollar amount, along with personal liability protection, usually in the range of $100,000 to $500,000. Rental policies contain a no-fault medical expense coverage--from $500 to $5,000--that pays out medical expenses to a person that was accidentally injured on the rental property, bitten by an owned pet or accidentally harmed by a household member. Renters insurance also has a loss-of-use benefit, which aids renters while living off-site during repairs to the rental unit. This coverage pays for any out-of-pocket amounts above the normal monthly living expenses if forced to live outside of the home. Some insurance companies offer loss-of use coverage up to a specified dollar amount, while others offer it for a blanket time-period, such a 12-months.
  
  

Time Frame

• Renters policies are issued for a 12-month term. Most insurance companies will allow customers to pay renters insurance monthly, alongside the regular auto insurance bill. This usually only adds $10 to $20 to the regular monthly total.
  
  

Warning

• Always schedule or list expensive jewelry, collectibles and fine art separately in your renter's policy. Rental policies have an aggregate limit on how much the insurance company will pay for collectibles and jewelry lost through an accident or theft, most often in the $1,500 to $2,500 range. Keep new purchase receipts, appraisals and take photographs of scheduled items so you have proof of ownership in case of a loss.
  
  

Prevention/Solution

• Store copies of important insurance paperwork, receipts and photographs of your apartment contents in a safe deposit box or electronic storage facility. Electronic scans of papers and photos in an off-site file that allows access outside of the apartment will save you the headache of losing important documents during a fire or flood. Free, off-site email accounts can be the perfect place to store these electronic documents.
  
  

Discounts

• Additional discounts applied to your automobiles after adding a rental policy can save insurance owners from 10 to 20 percent on automobile rates. Always ask the insurance carrier about any home/auto discounts that might available by bundling your insurance products. This hidden savings not only offers discounts on automobiles, but often offers an additional savings on the rental policy, as well.
  
  

Expert Insight

• Always opt for replacement cost value on your apartment contents, rather than actual cash value on non-scheduled personal property. Replacement cost value will aid you in replacing lost items with similar brand new items, rather than paying the depreciated value of your personal belongings because of age and wear.