When You Shop for Insurance . . .

If you’re shopping for renter’s insurance, be sure to:

1. Make a detailed inventory of your household goods and personal possessions, estimating the value of each. Note prices and dates of purchase where possible. Keep a copy of your list, including store receipts and photographs of items, in a safe place away from home.

2. Obtain quotes from several insurers, comparing costs, quality and coverage, as premiums vary widely.

3. Ask how much more per year the policy would cost to cover total replacement value of items, not actual cash value of the goods’ current worth.

4. Find out the total dollar amount the policy covers in case you cannot live in your residence and must move to a hotel and eat in restaurants.

5. Read the policy carefully so you’ll know exactly what it covers and what to do if you have a loss or damage.

6. Consider the coverage for jewelry and other valuables. Most renter’s policies provide minimal coverage for valuables. You may want more for certain items and need a floater or special addition your tenant’s policy.

Source: Insurance Information Institute