Jul 26
How Much Renter’s Insurance Do I Need?
If you’ve decided to buy renters’ insurance for your house or apartment, and protect yourself against fire, theft and vandalism, in addition to some personal liability, your next step is to determine your coverage needs.
Inventory your possessions – all of them. Your list should include when you bought or acquired each item and what you paid for it. You can also estimate its current value or what it would cost you to replace it. Then add together the values to see a general idea of what your property is worth.
After you’ve made your inventory, put it in a safe place outside your residence, preferably in a bank’s fire- and theft-proof safe deposit box. Photographs and videos can greatly augment your record of your possessions, too.
Some types of property may require additional coverage or have a dollar limit in a renter’s insurance policy. Valuables such as coins, bank notes, silverware, jewelry and furs, or watercraft and trailers fall into this category. Firearms too are a special case. These items can be taken care of with special coverage, such as a personal articles policy or an endorsement.
Think about your possessions and how much it could cost to replace them after a fire or burglary Fortunately, with renter’s insurance, you can provide some security for yourself in the event of a disaster.
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August 1st, 2007 at 8:30 pm
Making a home video can be a great way to have a record of your belongings for a renter’s insurance list. Not only do you have visual backup for your hard-copy list itself, it provides details about your stuff that can be difficult to list on paper. Keeping the video off-site leads to a level of security that you would not have had, otherwise. These are great tips above, and renter’s insurance is definitely worth it!