Are You a Renter with Some Spare Time? Make Sure Your Covered! (by your insurance, that is…)
Like most of us, there is never enough time in the day to get everything done, however waiting until “crunch” time is never the best solution when it comes to your insurance coverage as a renter. Most don’t realize how many possessions and valuables they have collected over time.
It does take some time to take a full inventory of your items. To make this task a bit easier, start by writing down each of your rooms on a separate section of paper. Use an available tablet or smartphone to take a video of each of these rooms as you are writing things down. Inevitably, you will catch things on your videos that you did not see with your first look. Take notes on everything including towels, shoes and books.
Now that your have your initial inventory of personal items, you will want to determine the values of each. You may choose to use the replacement cost coverage, or you may use the actual cash value coverage.
If you use cash coverage, use websites such as ebay and craigslist to determine the current value of your items. This value is the equivalent to if you had to purchase them today, in their current used, deprecated condition. Your items are not to be valued at a “new” from the store condition.
If you opt to use the replacement coverage instead, use websites such as Amazon and Walmart to determine what it would cost to replace your items that are damaged or lost.
When you are purchasing your renters insurance, be sure to inquire about liability coverage to protect you in the event of a lawsuit.
If you have any questions or need more details concerning Renters Insurance, please give us a call at 651-739-9684