Reddit Renters Insurance Ideas: The Greatest Recommendation From 14M + Members (2021)

8 essential tips to get the most out of tenant insurance

  1. Set coverage limits that suit your needs.
  2. Pay attention to the lower limits of the coverage.
  3. Additional cost of living (ALE) and liability coverage are a must.
  4. Choose Replacement costs Value (RCV).
  5. Make a detailed home inventory with photos and, if possible, receipts.
  6. Share your inventory with yours insurer before You make a claim to make sure your policy meets your needs.
  7. Take advantage of discounts.
  8. Review your policy documents.

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Tenant insurance for everyone

We love the subreddits (channels on specific topics) r /Personal finance and R / insurance. And we scoured these posts for the best advice pension insurance. Here's what we found

1. A successful claim begins with a well-made home inventory list

If you have a first time Insurance buyers, you should know: yours insurance company will commit the bare minimum for your claim. The more work you put into it in frontthe better you are. You will get a more accurate one Payoutand you will be refunded faster.

By doing a home inventory, you will also get an accurate value of yours personal possessions. Many tenants accidentally make themselves small when assessing their needs. Remember: your policy only pays up to the coverage limit (minus the Deductible) no matter how well you do your inventory.

Share your home inventory with yours Tenant Insurance before you have to file a claim. An agent there will advise you whether you need passengers or a "timetable" for your valuable or unusual items (more on this below).

Finally, make sure you are looking for that Replacement costs Value (RCV) of your property. RCV is the standard for many policies, but sometimes insurer use Current monetary value (ACV) to be determined Payouts. The difference is big. RCV pays all it costs to replace your item, while ACV pays the value of your item minus depreciation.

2. Make a home inventory with a simple spreadsheet – it makes the claims process a lot easier

A digital spreadsheet is a great way to list all of your household items in one place. This format is easy to share and can be stored in the cloud for retrieval from anywhere. To get the most out of your inventory:

  • Add the make and model number.
  • Add serial numbers if necessary.
  • Include a picture of the receipt.
  • sort by Your belongings by category to assess needs.

Even though it may seem like a lot of extra time, as you get more specific, it helps you be more specific. Payout in case of damage. Consider the difference between these two data sets:

  1. Toaster
  2. Russell Hobbs TRL9300GYR 2-Slice Glass Accent Long Toaster, Silver and Stainless Steel, Bought On Amazon, $ 79.57

The average home doesn't have a $ 80 toaster. If you use the first entry, you will end up with $ 10 Payout maximum. But the second entry brings you $ 79.57.

Conclusion: It (literally) pays to be thorough.

3. Use photos to accurately record your belongings

Photos are a great way to include items. Some spreadsheet programs allow you to upload a photo to a cell for easy retrieval. You can also take photos of serial numbers and any other important information you want a copy of.

While photos add information to a home inventory, they're not a perfect substitute for writing it down. In the event of damage, you must include these photos in a list for your Insurance provider. You can just drop in photos and hope for the best, but you will likely get less than you deserve.

4. Little time? Use the video to make an inventory of your home

A quick way to get a home inventory is to make a video. You should go through every room in your home and describe the items as you record. This is a good start, but it shouldn't be the end of the process.

As with photography, video is more of a reference for you to use to make a list of items later. Her insurer won't spend the extra time interpreting things perfectly. If you want an accurate refund, it's always best to make a spreadsheet and use the video as additional evidence.

5. Lots of Amazon users? Try out this Home Inventory Hack

Did you know Amazon offers a full history of your purchases? All you have to do is log into your account and download a full list of your purchases straight into a spreadsheet.

And Amazon isn't the only online retailer with long records of purchases. If you created an account when you purchased, you can likely get a digital copy of your purchase. If you can't download a list, take a screenshot. Then upload the screenshot to your spreadsheet.

6. Pay attention to the sublimits of your policy (especially if you have unusual or high-quality items)

When you buy yours Insurance policy, you may think you are good as long as the total coverage limit equals or exceeds your property value. But you'd be wrong Most policies are further broken down into sublimits – coverage limits for Categories of objects.

For example, you might have a policy of $ 50,000 with an electronics sublimit of $ 2,000. One mobile can exceed half of this limit. Add a computer and a TV and you are over. Sublimits apply to jewelry, clothing, and more.

Policies have standards for each sublimit. The standard is designed to meet the needs of the average tenant. However, many people exceed these averages. Chances are you're breaking one of your sublimits – another reason a home inventory can make your life easier.

Specialty items like collectibles and antiques almost always require special cover. Work directly with your agent to create a policy that suits your needs.

7. Sometimes you need to "plan" unusual and high quality items (or add a special driver)

If you have an expensive watch collection, designer clothes, antiques, or collectibles, you need to adjust the average tenant insurance. You can work with yours Insurance agent to ensure you have full coverage of your belongings.

Start by creating this home inventory and sharing it with your agent. You may need a rating for certain items. Don't be afraid to ask questions and get things done in writing – and always double-check your insurance documents at the end of the process.

As you add to your collection of specialty items, be sure to update your household inventory and yours insurer.

8th. Yes sir, You need Personal liability protection

pension insurance is not only Real estate coverage. Personal liability protects you if someone in your home is injured. It can also protect you from defamation and identity theft, and when harming someone else's property.

This is valuable, inexpensive protection. And you usually can't buy Liability insurance alone. You should also consider increasing your limits for Liability insurance Your policy. Litigation costs and Medical bills can quickly get out of hand.

9. Water reserve is up for debate, but consider your circumstances before making a decision


As this user explains, water protection (sometimes called sewer protection) is the most damaging to the structure of a house. In one Homeowner Water protection is best for covering residential buildings. But as a tenant, you do not own the apartment – or the large appliances that are most susceptible to damage.

However, we would like to add some food for thought. If you live in a garden apartment (below class) or a first floor apartment, you are more likely to experience a backup that is significant (and expensive) Water damage. Ways to avoid losses in this scenario include:

  • Buy a water backup cover, especially if you are under class.
  • Increase your personal possessions, especially high quality items.
  • Treat your drains well – don't put anything (like fat) on them that could cause problems.
  • Report any drainage problems to your landlord immediately.

Covering water reserves is inexpensive. And if the water reserve makes your home temporarily uninhabitable, you will need water reserve coverage to reimburse additional living expenses.

10. Additional cost of living has limits, but it probably covers more than you think

You are supposed to cover the additional cost of living (ALE) if you have to temporarily live outside your home. It is sometimes also called "Loss of benefit Cover."

As this user points out, ALE has a default limit that you set insurance company. This should be easy to find on your policy documents. You can increase these limits, which is a good idea if you live in an expensive area.

And remember: it's not just the hotel costs. Extra gasoline, increased grocery bills, and other unexpected expenses are common when you suddenly have to live elsewhere. Our advice is to increase these limits. An extra dollar a month can give you $ 5,000 worth of coverage.

frequently asked Questions

How much tenant protection do I need?

In short, you need sufficient coverage to recover in the event of a total write-off. For many, that will be anywhere from $ 20,000 to $ 50,000. Remember that tenants' policies include sublimits on the coverage of items such as jewelry. To make sure that all of your coverage limits are properly set, make a home inventory list and share it with your insurer.

How do I choose my deductible?

You should choose a deductible that you can reasonably afford in the event of a claim. Many renters set their deductibles between $ 500 and $ 1,000. Remember that with higher deductibles you will often have lower insurance premiums. Just make sure you have enough cash in your emergency fund to cover these costs.

How can I save on rental deposit insurance?

The easiest way to save on tenant insurance is to use discount programs. Bundling your tenants with auto insurance gives you a quick discount. Most companies also offer discounts on security devices such as alarms, latches, sprinklers, and more. You should also shop to compare prices from top companies in your area before buying.

Which vehicle insurances allow the combination with tenant insurance?

Most of the major insurers allow you to bundle your car insurance with the tenants. These include State Farm, GEICO, Liberty Mutual, Progressive, USAA, and more. But don't be afraid to explore smaller, local insurers.

Do i need an umbrella policy?

The umbrella insurance covers the loopholes that other policies leave unattended. Umbrella policies are great to add as their costs are low – usually under $ 100 a year – while the coverage levels are high. Additionally, when you purchase an umbrella policy through your current insurer, you can qualify for a bundle discount that can cover part or all of the cost of your umbrella policy.

pension insurance Is always It is worth it

In contrast to many other types of insurance last year Bonuses fell to the pension insurance. In fact, the premiums are typically one tenth of the cost of a Homeowner Politics.

Why is the cost so low? pension insurance is proportional to the cost of yours personal property. You don't have to insure the big things like your home and all of its furnishings. Plus, liability and other add-ons are cheap too.

pension insurance protects you from House fires, Theft, legal proceedings, and other common dangers. And it can fill in the gaps by Health insurance and Credit card Fraud protection. All in all, you get a lot Peace of mind for a few dollars a month.

So whether you live in a skyscraper Apartment complex, a Townhouse, or a single family home, Rental insurance is essential.

Updated September 15, 2021

J. J. Starr is a health and finance writer who is happy to help readers find the information they need. In addition to her background in banking and financial advisory, she is also a poet with an MFA from New York University. She lives in Amherst, Massachusetts. Please visit jjstarrwrites.com for more information.

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