Renters Insurance

The blessing of having renter’s insurance is that you are covered if you are a victim of theft. Use the steps outlined below to file your claim of loss with your renter’s insurance company. Doing so will make the process easier and less stressful.

If you plan to file a claim that involves any type of crime be sure to inform the police as soon as you become aware that you have been a victim. The insurance company will consider the police report a type of evidence that you were in fact stolen from. Be as specific as possible in your report. List all items that have been stolen and estimate as accurately as possible the total cost of your loss.

Immediately after informing the police and filing a police report you should inform your insurance agency. Any delay in notifying them can be viewed negatively by the company. Being a victim of theft can be stressful, but not doing this step as soon as possible will only increase your stress.

Provide your insurance company and the police the complete list of items lost. It is almost impossible to know everything that has been taken right away if they took small items. Be sure to do a complete inventory of your home. If you do not notice that a valuable item has been taken it will not be included in your claim and will be very difficult to prove weeks or months later.

After you file the claim with the insurer, they are going to offer you a total amount for your claim. Review the value of the items and consider what it will cost you to replace them before you settle with the insurance company. Their goal is to pay as little as possible and your goal is to get as much as possible to replace the stolen items. Decide what your bottom dollar is and work to get the insurance company as close to that as possible. Do not be surprised if you have to haggle with them a few times as this is quite common.

Filing the claim with your renter’s insurance company will most likely seem like a breeze in comparison with actually settling with them. As long as you are thorough and follow the tips given above, you should be able to find a compromise with your insurance company that you both can live with.

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