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• The average cost of renters insurance is $15 in the US, but it can be worth paying for optional extras.
• We’re all clumsy with our expensive electronics sometimes, so paying to cover damage is a value.
• You’ll want to track your receipts, but that’s easier than ever with cloud-based storage.

Whether I’ve been stationed overseas with the military in government housing or renting from a private owner, having renters insurance has always given me peace of mind.

For the past 15 years, I’ve used USAA for my renters and homeowners insurance. Last year we sold our home, moved to Belgium, and decided to rent while settling in. 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 a month in the United States — policies abroad tend to be a bit more expensive. Also, I don’t have to deal with language and cultural barriers while explaining a loss. My premium is also on the high side because there are a few add-ons to my policy:

• Low deductible: My current deductible is $250. My premium covers 16 events, including smoke damage, theft, vandalism, flooding, and more.
• Technology coverage: I added this extra coverage that covers accidental damage to our home electronics, including mobile phones. 
• Jewelry insurance: For an extra $6 a month, I also purchased personal property coverage for my jewelry, which covers $6,000 worth of jewelry for individual items of $2,500 and under.
• A $40,000 personal belonging coverage with full replacement cost at current market value. 

How I’ve used my policy

Several times throughout my time as a renter, I’ve 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 stationed in Germany was almost 15 years ago. I lost my Raymond Weil watch at the gym. After spending a few days trying to find it, I couldn’t recover it. I filed a claim through USAA, submitted my purchase receipt, and was reimbursed the purchase amount of my watch within days.

The technology coverage is one that I swear by, because it covered me twice while owning renters insurance. Both times I accidentally dropped my laptop, creating damage beyond repair. As with the watch, I submitted the receipts for my laptops and received the total amount minus the deductible. Given that I paid only $3 a month for this extra coverage, I got a good return on my investment on this insurance add-on. 

When I lived at my rental in Washington, DC, a person I trusted to clean my house stole two rings from my jewelry box. Again, I submitted a theft claim for my jewelry. I purchased my rings in 2003 when I traveled to Thailand for work and lost the receipts. I contacted the jeweler for the estimated value, and USAA accepted the documents. Additionally, they gave me the current market value for my rings since the price of gold had significantly increased between the time of purchase and my claim. 

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