Having renters insurance is a great way to be prepared, especially for young renters and college students. However, some preparation is also needed before filing a claim (if need be).
- Have replacement coverage. Although this is optional, it’s helpful to have. Typically claims are paid at actual cash value, which just covers what the item cost at the time of loss. With replacement coverage, you’ll get an item at equal quality to what you once owned.
- Know exclusions in your policy. Most policies put limits on expensive items, and there are usually limits on if something was damaged or stolen off property. It’s important to know what is and isn’t covered in your policy.
- Keep receipts and photos. By keeping photographs and lists of your items (particularly the expensive ones), you’ll be able to move through the claim process more seamlessly.
Image via http://www.executiveins.net/.