Renters Insurance – What You Need to Know

Many people in Wisconsin and Minnesota consider renters insurance to be an optional expense; one they’ll get around to buying when they get a raise, or a better job, or more stuff worth covering. And most people will be fine. But if disaster strikes and you lose everything, you will be grateful not to be one of those people.

Take Inventory

Before purchasing a renters insurance policy, take a detailed inventory. Go through your entire rental property, and take a photo of every item you own. This should include furniture, electronics, jewelry, dishes, art, bicycles, and anything else you would need to replace, including your book and/or CD collection.

Put all the photos in a folder on your computer, and find out how much each item is worth, and how much it would cost to replace it. You can buy your policy based on either number. Using the current value will give you a less expensive policy. Using replacement value ensures you will have enough money to replace all your items.

Once you have your inventory complete, store it digitally on at least two cloud servers, like Dropbox. It needs to be somewhere you can access it, even if all the technology in your home is useless.

What Will Insurance Cover?

Now it’s time to talk to your insurance agent. Discuss all the situations that are covered, and those that are not. Most weather damage is covered by a basic policy, but floods are generally not. Work with your agent to get the coverage you need.

Before you finalize your Wisconsin renters insurance policy, make sure that everything you want to replace is covered. Also make sure that, if you need to live elsewhere while your property is being restored, you will be covered for those costs, as well.

Filing a Claim

All this preparation will be invaluable if you need to file a claim. If the worst happens, you may need to make a full claim, replacing everything you owned. At such a stressful time, you will be glad that you don’t have to try and figure out what needs replacing.

Simply contact your agent, and they will tell you exactly what to do. They will help you make the claim, and they will make sure you and your family have a place to live. That’s the kind of care you can expect in the Chippewa Valley from Baldwin Woodville Insurance Services.