Many people buy renters insurance to ensure that if possessions are lost or stolen these can be replaced, but filing a claim can be a long drawn out process, especially if you do not have sufficient documentation to back up your claim. Most insurance agents do not visit your rented home and do an inventory, so it is up to you to perform this crucial step, and to keep documentation of this inventory. The renters insurance will not cover items that you have forgotten or items which have more value than what is determined by the renters insurance provider, and because of this taking and keeping the proper documentation is extremely critical in the event that something happens and you must file a claim. You should document all of your belongings in both written and video format, and these two steps can make any claim filed against the renters insurance clear cut, with documentation of what the values and items are. Another important step is to save the receipts for all clothing, furniture, and household items so that their initial costs can be verified by the renters insurance carrier.
Make a written inventory by room, identifying all the contents of each room thoroughly. An easy way to do this is to take a lined sheet of paper for each room in your home, write a room at the top of the paper, go to that room, and list every single item contained in the room. This may seem boring but will be well worth it if you ever need to file a claim. If you have valuables which are worth a lot, make notes beside them about when and how these items were obtained, as well as their value. Antiques, family jewelry, gun collections from the past, and other items like these items are not new but may have a significant value because of their historic value. The written inventory, along with all of your receipts, will be used by the renters insurance company to cover your claim and pay out.
After you have done a written inventory of every room in your home, it is time to move on to video. Almost every person either has a video camera or knows someone who does, and renting or borrowing a video camera is the perfect way to document your possessions and the condition they are in now, exactly what you own in each room, and what it looks like. Make sure that you have a commentary on the video describing each item to help determine the cost of a claim for that item. Make a copy of the video and written inventory, and store them in a safe place, such as a safety deposit box or a friends house.
Saving on renters insurance can be easy if you know the ways to do this. Compare renters insurance quotes to determine which insurance policy covers you the way you want and need, but without the high prices. Avoid claims for small amounts, and pay for these out of pocket instead. Any claim, no matter how small, may increase your renters insurance premiums, so avoid claims if you can afford them without the insurance if possible.