Affordable insurance: the do’s and don’ts for the best coverage

Is there a common mistake people make when buying cheap renters insurance and, if so, how can they avoid it?

There are 2 misunderstandings most renters make when purchasing their renter’s policy. First, they almost always underestimate the value of their “stuff”; also known as their contents. They always calculate the value of their Computers, TVs, and Furniture; however, they do not include such items as kitchenware, clothing, linen, kid’s toys, or gym equipment into their equation. Second, they believe receipts are needed for every item they own if they want to get reimbursed in the event of a claim. And this is totally false. We advise our clients to take video and/or pictures of all their belongings to serve as proof should they have a claim. Save this proof to the “cloud”, safe deposit box or at another location to keep it safe. To help our clients determine an accurate Contents Limit, we ask them to visualize turning their apartment upside down and whatever falls out needs to be calculated into determining this amount.

What is the most effective way to save money on your renter’s insurance?

The most effective way to reduce your premiums are the following:

– Higher deductibles
– Installing smoke detectors
– Installing Dead Bolt Locks
– Installing Alarms – central station offers the highest discounts
– Multi-Policy discounts – insuring your home and auto with the same carrier will save you money