You won’t own the home or apartment you rent. That belongs to the property owner. However, you’ll own your possessions in the home. Those items need protection. If you have renters insurance, the good news is you’ll probably have possessions coverage. Still, it’s up to you to choose the right value of
coverage. How can you do this?
How Possessions Coverage Works
When something damages your belongings, you stand to lose out. You own your possessions. They are your responsibility to replace.
If you have renters possessions coverage, you can get help paying for losses you didn’t plan. Let’s say a fire burns the home and damages your belongings. Rather than shell out countless funds replacing possessions, let your coverage supplement some or all those costs.
Determining the Coverage You Need
Every renter has unique possessions, and they all come at different values. So, the cumulative amount of coverage you need might vary.
Consider it. The value of your furnishings alone could cost several thousand dollars. You’ll need adequate coverage not only for these items, but also for all other items like clothes and electronics. As a result, you’ll need to take an approximate value on the items in your home. There are a couple of ways to do this appraisal.
- Save receipts of important items like TVs, furniture, and other big purchases. Also take pictures of these items. This can help you prove the cost of your losses when you file a claim.
- You can also research the value of certain possessions. Afterwards, create a list of replaceable items and their approximate values.
- A professional appraiser can help you take estimates in certain situations.
Once you approximate the possessions' values, choose policy limits that reflect this number. Keep in mind, it’s not a bad idea to carry a bit more protection than necessary. However, you don’t want to carry too much coverage, as that could drive up your policy costs unnecessarily.
Don’t forget, possessions coverage often includes exclusions and other restrictions on coverage.
- Some policies won’t cover particularly expensive items like jewelry or art. You might be able to get policy endorsements for these items.
- Policies might only pay the actual cash value coverage for lost items, as opposed to the full cost. This protection will only pay the depreciated value of your belongings.
- Coverage might include per-item limits for unique possessions. For example, it might provide a maximum of $500 for damaged TVs, even if you have a $1,000 set.
- You’ll still pay a deductible for most covered services.
So, to fully protect your rental’s contents, talk to your insurance agent at 844.926.0860. They’ll likely help you determine the appropriate, and most affordable, renters insurance. You can get covered and rest easy knowing you have enough protection.
Also Read: Pet Liability Insurance in Renters Policies