How much personal property coverage
do I need?
Think of everything you own. The value of your belongings can quickly add up. How much would it take to replace them if they were damaged or destroyed?
When purchasing a renters insurance policy, you may have a few different choices when it comes to selecting personal property coverage. Here are a few things to keep in mind:
You'll want to set coverage limits that are appropriate for your situation. Creating an inventory of the belongings you store in your apartment or home may help you assess the value of your things so you can decide how much personal property coverage is right for you.
You may also have to decide what kind of personal property coverage to purchase.
A policy that provides actual cash value protection typically covers belongings
up to their current market value (taking depreciation into account). A policy
that includes replacement cost coverage may help you pay to replace your items
at today's retail prices after a covered loss.
How to file a renters insurance claim
If you need to file a renters insurance claim, here are some tips to remember to help you through the process. However, keep in mind that your claims process may vary depending on the extent of damage.
Contact your insurance provider as soon as possible to report the claim.
Protect your items from further damage. Talk to your insurance provider about any emergency repairs that may be needed.
Your insurance provider will ask questions about the damage and answer any questions you may have about the process.
Discuss your policy's coverage and limits with your insurance provider to understand what applies to your situation.
Document damaged items in writing, and take photos or videos of the damage,
before repair work begins.
Other considerations
Before renters insurance helps pay for a covered loss, you'll likely need to pay a deductible. The amount of your deductible is often tied to your policy's premium (the amount you pay your insurance company to keep your policy in force). You'll
typically find that the lower your premium, the more your deductible may be for each covered loss. Your deductible and premium are listed in your policy and can usually be adjusted based on your budget and needs.
While renters insurance helps protect you and your belongings, keep in mind that
it typically does not cover the physical building you're living in. Landlord
insurance is designed to help protect the owner's dwelling, while you, the
renter, are usually responsible for protecting the belongings you keep inside.
Similarly, while landlord insurance may offer liability protection for the
policyholder, that protection typically does not extend to tenants.
