Talk to Your Landlord

• Prior to moving into a new apartment, you should talk to the landlord or property manager about renter's insurance. Some landlords require renter's insurance for all tenants while others allow tenants to choose whether or not to purchase coverage. The landlord can explain what her insurance policy already covers, which will prevent you from spending money on insurance you don't need. In addition, the landlord may be able to suggest an insurance company based on the experience of other tenants in the same building, or make you aware of discounts that you are eligible for with certain insurance providers.
  
  

Cash Value vs. Replacement Cost

• One of the key decisions you'll need to make when choosing a renter's insurance policy is whether to pay for actual cash value or replacement cost coverage. Cash value coverage costs less and only requires the insurance company to pay for what your property is worth when it's damaged or stolen. Replacement cost coverage will increase your annual premium but should pay you enough to buy all new items, even if what was lost had depreciated since you purchased it. Consider what you'd be willing and able to pay to replace your property in the event of a major disaster. Then compare only policies that offer the type of coverage you need.
  
  

Consider Riders

• A standard renter's insurance policy covers some of the most common problems you might experience, including fire, theft, vandalism, burst pipes, lightning and explosions. However, this list of coverage usually omits earthquakes, hurricanes and floods. If you live in an area that is prone to one or more of these dangers, ask your insurance agent about a rider to cover that specific form of damage. This will increase your premium but might provide you with some of the most useful insurance. If you live in a region where such dangers are rare, resist an agent's attempts to sell you insurance for disasters that, while dramatic, are outside the realm of reasonable risk.
  
  

Ask About Discounts

• When you speak to an insurance agent as part of the buying process, ask about any additional discounts for which you might qualify. For example, some companies offer discounts if your apartment has smoke detectors or an alarm system. Low-cost additions such as a fire extinguisher may pay for themselves with the money you can save on a renter's insurance policy. Another type of discount involves an insurance bundle. You may stand to save money by combining your car insurance and renter's insurance with the same company.