I pay a higher premium on my renters insurance for these extras

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  • The average cost for renters insurance is $15 in the US, but it can be worth paying for optional extras.
  • We all deal with expensive electronics sometimes, so paying to cover damages is valuable.
  • You’ll want to keep track of your receipts, but it’s easier than ever with cloud storage.

Whether stationed overseas with the military in government housing or rented from a private landlord, I own Renters insurance It always gave me peace of mind.

Over the past 15 years, I have been using USAA Renters and Homeowners Insurance. Last year we sold our house, moved to Belgium, and decided to rent while we got settled. I decided to invest in renters insurance with personal property protection add-ons.

Although $35 a month is on the high end – the Average renters insurance Costs $15 per month in the US – Foreign policies tend to be a little more expensive. Also, you don’t have to deal with language and cultural barriers while explaining your loss. Moreover, my premium is also high because there are some additions to my policy:

  • Low deductible: The current deductible is $250. My insurance premium covers 16 events, including smoke damage, theft, vandalism, flooding, and more.
  • Technology Coverage: I’ve added this additional coverage that covers accidental damage to home electronics, including cell phones.
  • Jewelry Insurance: For an additional $6 per month, I also purchased personal property coverage for my jewelry, which covers $6,000 worth of jewelry for individual items of $2,500 or less.
  • Personal property coverage of $40,000 with full replacement cost at current market value.

How did you use my policy?

Several times throughout my tenure as a tenant I have had to use my policy. I’m glad I did, because it saved me money in the long run. The first time I filed a claim while working in Germany was about 15 years ago. I lost my Raymond Weil watch at the gym. After spending a few days trying to find it, I just couldn’t get it back. I filed a claim through USAA, provided my purchase receipt, and my watch purchase was paid for within days.

The tech coverage is one I swear by, because it covered me twice while owning Renters insurance. Both times I accidentally dropped my laptop, causing irreparable damage. As with the watch, I submitted my laptops receipts and received the total amount minus the deductible. Considering I only paid $3 a month for this add-on coverage, I got a nice return on my investment in this insurance add-on.

When I was living in my rental space in Washington, D.C., someone I trusted as a housecleaner stole two rings from my jewelry box. Once again, I made a theft claim for my jewelry. I bought my rings in 2003 when I traveled to Thailand for work and lost the receipts. I called the jeweler to find out the estimated value, and USAA accepted the documents. In addition, they gave me the current market value of my rings because the price of gold had skyrocketed between the time of purchase and claim.

I believe every renter, especially with items they consider to be of high value, should consider purchasing renters insurance. Talk to your insurance provider and see which add-ons work best for your policy. Based on my experience, I also recommend keeping copies of receipts for all your valuables on cloud-based storage, so it’s easier to file a claim with your insurance company.

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