Rent Payments Don't Insure Personal Belongings


(NAPSA) If you're renting an apartment or home for the first time, there's a lot to learn about protecting your personal property. You are responsible for any loss due to theft, fire or wind damage, not the landlord or homeowner.

Here are some quick tips from GEICO about renters insurance to help you protect your belongings and get the coverage that's best for you:

  1. Take inventory: Make a list of your belongings. Be precise to assess your coverage needs. Keep the list with you and leave a copy in a secure location such as a safe-deposit box.

  2. Compile serial numbers and receipts: Create a logbook with serial numbers and receipts for as many items as possible. This is especially valuable if your items are stolen.

  3. Take photographs: Photographs are a great way to help stay organized and demonstrate the general condition of the item.

  4. Review the policy: Pay attention to limits, deductibles and other relevant information to make sure the policy reflects the coverage desired. Being overinsured or underinsured means losing money.

  5. Fund it: Set aside an emergency fund to cover your deductible amounts in the event of a claim.

  6. Update it: Once a year, go through the list and eliminate items you may have replaced, donated or sold, and be sure to add items you have purchased throughout the year.

  7. Tag it: Engraving items such as bicycles, sports equipment or other items can help if they are lost or stolen.

  8. Renew it: Before renewing your renters insurance policy, make sure your deductibles and replacement value amounts are correct. Pay special attention to any valuables or limitations that may need additional insurance. If you own coin collections, artwork or other items that increase in value, you may need additional coverage.

  9. Minimize chances of theft: Leave lights on an automatic timer, store valuables in a place that's not visible from the outside, and never leave an answering machine message that says you are away from home.

The average value of property in a rented dwelling is more than $20,000. Renters insurance can be customized to meet the needs of the policyholder to ensure the correct amount of coverage. GEICO can help you obtain renters insurance that covers liability protection and personal property outside of the dwelling, including stolen luggage when traveling, stolen merchandise when shopping or even engagement rings that have not yet been given. To learn more about renters insurance, visit www.geico.com.

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