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How to Buy Renters Insurance Online

Monday, November 12, 2007
Related Tags: insurance | renters | quotes | coverage | specialized
 

Instructions

  • Step 1:
    Search multiple companies at the same time by using a multi-quote site (see resources) but always go to the company's actual page to purchase as there will be a more detailed description of coverage and you can include specialized items.
  • Step 2:
    Compare on a like for like basis. You may find that some quotes are considerably lower than others but actually cover very little. When comparing quotes, look at the policy and coverage amounts as well as the price.
  • Step 3:
    Make an inventory of all the items in your home. Unless you add up item by item, it's very difficult to tell how much your stuff is worth. Being over or under insured can be an excuse for the insurance company not to pay out in the event of a claim, so be accurate.
  • Step 4:
    Be honest about your security. Many policies give discounts for having smoke detectors or deadlocks in your home. Even if you are planning to install additional security, don't claim that you have this already as this could invalidate the policy.
  • Step 5:
    Consider the weather in your area. Although standard rental insurance polices normally cover weather related such as windstorms, hail or fire damage, these often exclude flood or earthquake damage. If you live in an area prone to these disasters, you may have to take out a separate rider to cover this.
  • Step 6:
    Print out the confirmation page and coverage breakdown information and keep them in a safe place to reference in case of emergency. A lot of online insurers don't send out a hard copy by mail, so a printed copy and file stored on your computer will be your only proof of purchase.

Tips & Warnings

  • Many insurance companies will give you a multi-policy discount if you also have auto or travel insurance with them.
  • Double check for spelling or typing errors before confirming.
  • Check the claims procedures for Internet-based companies before buying.

Resources


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