A Guide to Renters Insurance
Part 3a Assess your Needs

When you apply for renter's insurance, it's a good idea to photograph or videotape everything you own. For expensive items, make sure to write down any serial numbers that could help verify your claim. Also make a copy of the original receipt it is the best proof of when, what , and how much the item is. You can even take it a step further and enter the items into a spreadsheet along with an estimate of each item's value. Although these steps take some extra effort, you should do them for two strong reasons.

  1. You probably think that the total value of the items you own is less than it actually is, which puts you at risk of under-insuring yourself. When you make yourself sit down and assess the true value of each item you own individually, you will get a more accurate picture of what your belongings are worth. Perhaps you have around 50 Blu-rays, which may not seem like much to you, but at $20 apiece, you have a collection worth $1,000 that you won't want to have to pay to replace in case of fire.
  2. While your insurance company probably won't want the inventory or the photographs when you take out the policy, your documentation will be indispensable if you ever need to file a claim because you will be better able to prove the value of your possessions. Make sure to keep copies of your inventory outside of your apartment, such as in a safe deposit box, with a trusted friend or relative, or emailed to yourself as an attachment, so that all your supporting documents won't get destroyed along with your belongings.
  3. Ask you agent if they have a Home Inventory Check list you can fill out.... WE DO!



A Guide to Renters Insurance
Part 3b
Choose an Insurance Company and begin to Apply for Coverage

Posted 12:00 PM

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.