Obtaining renters insurance is a smart move, but most people get the policy and then forget about it until they have a problem. Unfortunately, failure to follow through can cost you time and money.
Instead, follow these quick tips of what to do after purchasing renters insurance.
1. Take Inventory. Make a list of your belongings. If you live with a roommate then be sure to indicate what belongs to each person. Be as precise as possible. Make a copy and keep one with you and leave a copy in a secure location such as a safe deposit box.
2. Compile serial numbers and receipts. Create a log book with serial numbers and receipts for as many items as possible. This is especially valuable if your items are stolen.
3. Take Photographs. Photographs are a great way to help stay organized and demonstrate the general condition of the item.
4. Review the Policy. When the policy arrives sit down and review it. Pay attention to limits, deductibles and other pertinent information to make sure the policy reflects the coverage desired.
5. Fund It. Set aside an emergency fund to cover your deductible amounts in the event of a claim.
6. Update. Once a year go through the list and eliminate items you may have replaced, donated or sold and then be sure to add items you have purchased throughout the year.
7. Tag It. Depending upon where you live, taking time to engrave items such as bicycles, sports equipment or other items can help assist if they are lost or stolen.
8. Renew. Before renewing your renters insurance policy make sure your deductibles and replacement value amounts are correct. Pay special attention to any valuables or limitations that may need additional insurance. If you own coin collections, art work or other items that increase in value then you may need to purchase additional coverage.
The above-listed tips are for informational use only. Refer to your insurance policy contract for specific information regarding your coverages and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.