If you rent an apartment or condo you need to be familiar with renter's insurance. The building you live in most likely is insured by the landlord but that doesn't mean your personal property is protected. If the building should catch fire and burns up your television or if lighting strikes and short circuits your computer your landlord is not responsible for the damage. Many renters also learn the hard way that theft is not covered under the building's insurance and if someone breaks into your apartment and steals valuable jewelry it's your loss. Know some important facts about renter's insurance so you can protect your personal property.
If you rent an apartment and want to cover your belongings you need to ask how much your personal property is worth. Studies show that the average person has over $20,000 worth of belongings that are not covered by a landlord's policy and if you want to protect your possessions from fire, theft or vandalism it's important to take an inventory. With an inventory list you can determine the price you paid for a particular item and what its current value is which will make it easier to calculate the amount or renter's insurance you need. It's also a good idea to take photos of items you will insure in case it is stolen or destroyed in a fire for the claims process.
If you bought a television for $1,000 you're probably thinking that's the amount you should get if something should happen to it. However, insurance companies use Actual Cash Value (ACV) to figure out the television's value and this includes how long you've had the TV. Think about ACV this way: if you bought the TV for $1,000 and three years later wanted to sell it you'd be hard pressed to find someone willing to pay the same amount. The same applies to ACV and before you start calculating the value of your personal property keep this in mind. Unlike ACV, replacement cost coverage will pay what it actually costs to replace items that were damaged. Although this means higher premiums it also means a higher pay out should you need to file a claim. It's important to consult with your local insurance agent since some items may only be covered up to a certain amount for replacement cost.
For more information on renter's insurance in Connecticut, call: 1-866-479-3327
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