Finding Better Insurance PlansFinding Better Insurance Plans

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Finding Better Insurance Plans

After I switched jobs, I knew I would probably be faced with choosing a new insurance policy. I was nervous about the transition, but I knew it had to be better than the plan I had been using at my old job. I started going through the options with the human resources person, and it took me a long time to understand the different options. After a thorough evaluation, I opted for a health savings account, which let me keep a large percentage of what I would normally be paying in premiums every single month. Check out this blog for more information about health insurance plans.

Consider Your Options For Renter's Insurance Living With Roommates

Protecting your belongings when you don't live alone can come with extra steps. If you're beginning to look at renter's insurance plans, you'll need to see what's involved with sharing a policy. 

While there are likely discounts for sharing a policy and splitting the cost can make it more affordable, you'll need to consider the following options and any concerns. 

Understand the Risks

Before signing up for any particular insurance plan, you need to be realistic about how well you know your roommate. Sharing any kind of finances can be a recipe for disaster when you don't know someone very well. Since sharing the insurance policy requires each person to pay their share each month, you'll need to be on the same page and have some trust in one other. 

Sharing an insurance policy also means that your belongings won't be protected against theft from each other. This can be a concern when you've just met your roommate and aren't very familiar with them. 

Include All Your Belongings

The most effective way to have all your belongings covered under the insurance plan is by documenting everything. An easy way to do this is by videotaping your belongings and every room you use. This includes the bedroom, bathroom, and all shared spaces. 

Having all your belongings included in a video makes it easier to take inventory and ensure that nothing is missed when signing up for renter's insurance. 

Expensive items, such as electronics or artwork, should be properly documented as well. This means including details such as the date of purchase, original cost, and the room that it's typically kept in. 

Keep the Lease in Mind

As you research renter's insurance plans, you'll need to be realistic about how long you need the plan. Since there are often discounts for signing a longer policy and paying upfront, consider the terms of your lease and how long you'll be sharing the apartment with roommates. The landlord you rent from could also require their tenants to hold renter's insurance, making it an excellent thing to check before forgoing coverage.  

Whether you intend on getting your own plan or sharing it with roommates, there's a lot to consider to protect your belongings. Signing up for renter's insurance can provide peace of mind that your belongings are protected and can be replaced if damaged or stolen.

When you're living in a rental with roommates, the above tips can ensure that everything is better protected and that you select the right insurance policy.