We all know that sickening feeling when you find an empty bike rack, broken window, or something suspiciously missing after a party. Theft, especially in the shared spaces that occur in apartment situations, might feel unavoidable—but it can be planned for. Learn about how renters insurance and theft interact, get a plan together to better protect your property, and learn how to file a claim if the worst does occur.

Preparing for Possibilities: Property Theft

There are of course many practical ways to reduce the risk of theft, such as making sure to lock your apartment, chain up your bike, and take other security measures. But when it comes to your renters insurance specifically, here are three things you can do.

Look at the Premiums and Deductibles of Your Policy

It can be tempting to invest in the cheapest apartment insurance you can, but that’s a mistake that many avoid the second time around. Cheaper premiums often mean a larger deductible before your insurance pays out. If valuable items are below that deductible amount, it might be worth lowering it.

Take a Home Inventory to Adjust Insurance Coverage

How much are the things in your home worth? Not only is a home inventory a good way of making sure you’ve got the right amount of property coverage, but it’s also a great way to spot items that might need special coverage. If you have receipts for any major items, now’s a great time to take a photo!

Scheduled Personal Property: Protecting At-Risk Possessions

Many policies have payout limits for special categories of items (such as jewelry or electronics). You can get specific coverage for personal property by scheduling it—an add-on for specific items. Better yet, these items are also exempt from your deductible!

After a Theft: Filing a Claim with Your Renters Insurance

So, what do you do when something of yours is stolen? While you can contact your insurance agent to get an exact list, it generally follows this way:

• Collect all information on the item. Ideally a receipt, description of the item (including make and model), and any other pertinent information.
• Contact the police. Using either your local non-emergency police number or filling out an online police report where available, file a report and get the number—you’ll need it shortly.
• File an insurance claim. Contact an agent or file online/with your phone. You’ll need the information you’ve collected above (make sure to use the scheduled personal property add-on for the item if applicable) to get the claim processed.

Here at the Safeside Insurance Agency, we’ve been helping renters through all life throws at them, from helping them file claims to getting better policies. Our goal with clients is getting the right policy for the right price—especially those whose current policies don’t fit them anymore. If you want to see the difference an independent insurance agency can make, contact us now or call us at (508) 753-8862.