Renter Insurance Qualifications

Renter's insurance protects you and your guests in the event that damages are done that are not covered under the landlord's responsibility. This could be a theft of the place that you are renting, water damage due to a waterbed popping or several other situations. It's important to know what will qualify you for renter's insurance as well as what the policy entails.

About Renter's Insurance: Your landlord is only responsible for the building and the land it is on. Anything in the home as well as how you take care of it are all your responsibility. If there were ever a theft or damage, renter's insurance pays the tenant for the items that were damaged or taken.

Approved Unit: This is the most basic and foremost qualification for getting renter's insurance. Before anything can be insured, you must have a place that needs insuring. Approved types of domiciles include; houses, apartments, condos, dorm rooms and shared housing opportunities. The insurance company may require seeing a copy of your lease or a statement from the owner to ensure that you are renting the place.

Credit History: A credit check will be run on the person that is attempting to get renter's insurance. Once the report comes back, if the insurer sees several unpaid delinquent accounts, you may be denied. This is a red flag to them that the bill isn't going to be paid and they should not ensure you. Insurance is not a right it's a responsibility.

Declaring Items: Once you have been approved, you may be required to declare items that you find to be of value. If you have any vintage or antique items in your rental unit, you will more than likely want to have them appraised and insured. Any other high-ticket items such as an expensive television, computer, jewelry and various other items of value should all be declared. This way, if someone breaks into your home, you don't have to worry about being completely without your things.