Atlanta's quickly growing population is flooded with millennials. Though we lag behind other cities in attracting them, our city is known for its millennial-friendly rent. This may be part of the reason why this demographic is choosing to rent, rather than buy homes—assuming they don't live with their parents. Unfortunately, those who are renting often forgo renters insurance. A recent study showed that "two thirds of millennials who rent their homes don't have renters insurance."
Instead of possibly losing your belongings for good, take the time to research renters insurance. Start with these five tips so you can spend more time worrying about life and less time worrying about your stuff.
[Read more: Are these metro Atlanta's best suburbs for millennials?]
1.) Gather an inventory of what you own.
One of the first and most important steps of renters insurance is knowing what you have. Property can add up quickly so don't sell your yourself short. It is pointless to pay for a policy and have it cover only half your value. Make an inventory of what you have and keep it handy. This will help you figure out the policy you need, and will be good in case of emergency. Adele Glasser, an Accredited Advisor at Siegel Insurance, recommends taking "a video (using your phone) of all the contents in your home/apartment."
2.) Take your lifestyle into consideration.
Computers, jewelry, bicycles, and even instruments are all items that need to be insured. If your bicycle is your primary source of transportation, make sure it's covered. If you need a computer for work, find out its true value and include it in your policy. Renters insurance is doubly useful if your lifestyle involves a lot of traveling and leaving your belongings alone.
3.) Educate yourself on different policies.
There are two kinds of renters insurance policies, actual cash value and replacement cost. Actual cash value insurance "pays to replace your possessions minus a deduction for depreciation." Replacement cost insurance "pays the actual cost of replacing your possessions (no deduction for depreciation)." Research them both and find out which one will fit your needs.
4.) Figure out your finances and find a way to work the cost into your budget.
Renters insurance may be another monthly bill, but find a way to make it work. "It's beyond affordable. If you have your auto insurance company write the renter's policy, you will receive discounts for having more than one policy with the same company. Thus, it may not cost you a penny more to have both a renters and auto policy than a standalone auto policy," explained Glasser.
5.) Work with an insurance agent that really understands you and your needs.
Start your insurance quest by doing research, but follow up with an insurance expert. An insurance agent will consult with you to truly understand your needs and find the option that works best for you.
Not only is renters insurance a good idea, it's becoming essential for many landlords. "Almost all apartments complexes are requiring proof of renters insurance prior to any tenant moving in. I am seeing it more and more with rental homes as well," Adele said.
The sooner your prized possesions are covered the sooner you can relax and focus on those adventures.
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