How much renters insurance do you need? The question may seem pretty simple. You could simply choose the least expensive policy and go with that. You may not plan to use it, but you know it is there for a "just in case" situation. The problem is, if you do not take the time to consider the value of your belongings, the risks you face and the overall type of coverage you select, you could very well put yourself in a position of unnecessary financial risk. By taking the time to estimate the value of what you own, you can make sure your policy adequately meets your needs.
Conduct an Inventory
The good news is creating an inventory of your belongings is much easier today than it ever has been. You no longer have to have a detailed notebook of everything you own. Instead, you can take photos or even a video recording of these items. When you do this, you create proof of your ownership of items. This can be helpful if you ever need to file a claim, but it can also be beneficial in situations where you are unsure of the value of your belongings. To value any item, simply look at its replacement cost online (or its actual value, depending on the policy type you have).
Be Aware of Commonly High-Priced and Missed Items
When insuring your property, select coverage that meets all of you needs. It is common for some renters to forget about the high-end items they own. They assume these items will be covered in their policy. However, these items might actually be above your coverage limits. Specifically, be sure you are covering all valuables such as:
- Family jewelry
- Antiques and other collectible items of worth
- Electronics, especially items over $500 in value
- Outdoor equipment such as grills, furniture and accessories
- High valued sports equipment
Some of these items may require their own additional layer of coverage on your renters insurance. The key is to be sure they have ample protection to avoid risks that your property is lost in the event of theft, damage or loss of use. With the right policy and the right amount of financial protection, you don't have to worry.
Are your belongings covered? Call RCU Insurance Services at 707-576-5115 for more information on the renters coverage options we offer.