What is the difference in price and coverage between “replacement cost” insurance, and “cash value” insurance?
Keep shopping if replacement cost is more than one-third more than cash-value insurance.
What are the limits on coverage on specific personal possessions? Is there a cap on what I could claim for art? Jewelry? Computers? And what must I pay to get more coverage for any of these items?
Limits may vary. Keep in mind that some of this you may be willing to self-insure for. In other words, if computer coverage is capped at $1,000, and you have $4,000 in savings it may not be worth $12 a month to you go buy another $1,000 in computer coverage. If your Mac gets stolen, you could just use your savings to cover anything beyond the $1,000 of coverage.
What information with regards to my possessions will I need to provide to the insurance company when I make a claim?
Ask your insurance provider which, if any, of your belongings will require photo or video documentation.
You should keep a comprehensive list of your belongings somewhere safe (not in the apartment that might burn down), including serial and model numbers and purchase prices.
If my apartment is destroyed, will this insurance cover temporary housing? For how long?
This may not matter to you if you have family nearby, but if you’re new in town and have nowhere to crash, this is something you need to think about.
Are my belongings covered away from home?
Your property usually is covered when it’s off the premises, but the extent of this coverage varies. Sometimes coverage is limited to 10 percent of the total policy coverage. If your property is stolen from a locked vehicle, it will still be covered.
Am I covered under my roommate’s renters insurance policy?
Some companies will allow domestic partners to buy joint coverage.
What circumstances are covered under the liability portion of my coverage?
Be specific. Rough sex? Fight club? Jackass-like antics? If you do this stuff, find out if you’re covered.
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