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So how much coverage should you purchase? Everybody is different
so coverage varies person to person. The big question is how much
is all your "stuff" worth? You don't want to overinsure,
but you shouldn't underinsure either. First look at your big ticket
items: your furniture - the bedroom set, the dining room and the
living room. Home entertainment may be another expensive item:
your tv, your stereo, your vcr, your dvd player. How much did
all your dvds cost? Your cds? Your tapes? Your records? (Come
on, I still have mine!) Your computer - hardware and software?
Cameras? Sports equipment - golf clubs, skis, bicycles, firearms.
And don't forget your clothes. If your apartment burns down, you
will be starting from scratch. Do you have lots of expensive suits,
or are you a casual jeans person? Don't sell yourself short -
a pair of Levis is not cheap! And don't forget your underwear.
Are your drawers full of Victoria's Secret items, or do you just
get the department store stuff?
The more documentation you have in the case of a loss the better.
The insurance company is not going to nickel and dime you, but
they are not going to give you carte blanche either. You really
should have some kind of inventory list. Model names and serial
numbers are especially helpful. Pictures and video tapes help
as well. Tape an entire room focusing on individual items. Duplicate
your lists or tapes and store them in a separate location - your
safety deposit box, your friend or relative across town. I suggest
you look into a replacement cost endorsement. For a modest extra
premium, in the case of a loss, your items won't be depreciated
- they will be replaced at today's cost.
Another benefit of having a renters insurance policy is that
it may make your car insurance cheaper. Many insurance companies
will give you a discount if you have multiple types of insurance
policies with them. Many landlords also require their tenants
to have a renters liability policy.
In summation, a Renters Insurance Policy provides coverage for
your personal belongings anywhere in the world. It gives you personal
liability coverage and it may make your other insurance less expensive.
Consult your insurance agent about how much coverage you need.
