Many renters overlook the value of a renter's insurance policy because they underestimate the value of their possessions. In fact, most individuals who rent property have at least $20,000 worth of belongings in their home that would be eligible for reimbursement.
4 Steps To Calculate Coverage For Renter's Insurance
1. Compile A Home İnventory Of Your Belongings İncluding All Furniture, Appliances, Electronic Devices, Collectibles, Jewelry, Furs, Paintings, Guns, And Power Tools
Don't overlook expensive items such as lawn mowers, vacuum cleaners, and sports equipment.
2. Write A Description Of Each İtem İn Your İnventory And Attach A Photograph And Receipt, İf Possible
If the item has a serial number, add that to your inventory description. Purchase dates are also important.
3. Check Every Room İn Your House--including Attics, Basements, And Closets--to İdentify İtems That Should Be İncluded On Your Home İnventory
One way to ensure that no items are missed is to start at one end of your house and work your way through each room, making sure to check every drawer, cabinet, and closet.
4. Determine The Estimated Value Of Your Belongings Based On Your Completed İnventory And Contact An İnsurance Company That Provides Renter's İnsurance For An Accurate Quote
Many factors go into the final quote, including the location of your home, the presence of fire and burglary alarms, and the year the building was built.
Tips and Warnings
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- It isn't necessary to take a detailed photograph of every item on your inventory list. Instead, take photographs of each room and individual photos of your most expensive possessions. Photographs of open drawers with the contents fanned out are also acceptable.
- Keep your finished inventory in a safe deposit box or another secure location outside of the house.
Make sure to update it regularly to include new purchases.
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