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Thanks for making it easy to find the cheapest renters insurance. Knowing our stuff is always protected gives me peace of mind.

Matt and Bethany, Charleston SC

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You should file a renters insurance claim as soon as you become aware of a loss or damage to your property. Compensation for damaged or stolen personal property is the promise you make to yourself when you obtain, and maintain, your renters insurance. You'll also need to file a renters insurance claim should there be any liability issues, in order to avoid a lawsuit. A renters insurance claim isn't difficult and with today's technology, you can usually track your claim through your insurers online site.

No one is immune from disasters which can strike at any time. Whether grand scale, such as an earthquake, fire or weather related event, or something small scale in comparison, like a broken water pipe, or smoke inducing grease fire, you've secured your cheap rental insurance policy in order to protect your financial investment in your personal property. You've paid your premiums on time and in good faith and you expect to be compensated in a like manner.

When to File a Renters Insurance Claim

If you suffer damage or loss of your property, it's very important to file a renters insurance claim. Contact your insurer as soon as you find you are the victim loss of property, unless, of course, you are the victim of a robbery. In that case, contact the police immediately, then your insurer. Most insurers have a 24 hour claims center, so you should be able to file your renters insurance claim right away, but you may need to wait until the next morning.Whichever the case, begin the claims process as soon as possible.

Make sure you have all of the information you'll need to attest to the value of your lost or damaged property. You should have your inventory handy, either off site at the home of a friend or family member, or in a safe deposit box. It would be advantageous for you to also have a picture of the lost or damaged property. This will be further proof to your insurer's claims adjuster of the value of your property. This will help speed up the process.

What to Expect From Your Insurer

When you contact your insurer you'll be sent forms, either by fax or mail, to complete in order to begin the process of filing your renters insurance loss. Fill out your forms thoroughly and attach copies of your inventory, any pictures, and a description of the property which has been lost or damaged. The more detailed your renters claim, the better. If you're vague in either details or description, your insurer may come back with questions and you could be slowing your renters insurance claim from being settled to your satisfaction.

Once the claim has been filed, you'll receive a claim number, or case number. You'll be in contact with the renters insurance adjuster, who will contact you to set an appointment. When the appointment is set, you can inquire of the insurer how long it will take to satisfy the renters insurance claim.

This is especially important if the property was something you depend on, such as your computer, or a tool of your trade, such as musical equipment or construction gear. If you are without your property and it's essential to your livelihood, you'll need to alert the insurer as soon as you file your loss with your renters insurance. You'll need to make arrangements in the meanwhile to locate replacement equipment.

Settling Your Claim

Your insurers claims adjuster will assess the value of the item, or items, you've lost. Depending on your policy and the way it is structured, you could be compensated the amount to replace your lost property, or you could secure a settlement for the actual cash value of the property, which is the property's current value, or what you paid for it less the depreciation. You'll be quoted the amount of your settlement, and, should you agree, compensated immediately.

Should you disagree with the offered amount of settlement, you have the option of hiring your own outside appraiser to determine value. Understand that he or she may side with the insurers assessment of the lost or damaged property, or come in even lower. Should your adjuster come in with a higher value amount, you can present the renters insurance company with the higher appraisal and they may settle somewhere in the middle. You will be obligated to pay for the outside adjuster, however.

Of course, it's a good idea to go through the scenario of a loss prior to obtaining your policy. Making a renters insurance claim isn't very involved, but you do want to make sure you'll be compensated satisfactorily. The wrong time to find out that you're underinsured is when you make a claim. Take steps today to make sure you have sufficient coverage.