Covering Expensive Items with Renters Insurance

Let’s say that it is time to move into your rented home. You’ve likely bought, or considered buying, renters insurance.

Renters insurance is an often affordable way to protect personal belongings and liabilities in a rental. A critical component of most renters insurance policies is the personal property coverage. When you buy renters insurance, always take your personal property value into consideration.

However, some items can almost be invaluable. What about that 100-year-old painting? Or your great-grandmother’s diamond ring? You can’t place a price on their sentimental value. But, they do have a monetary value. Likely, they are very expensive. Will your renters insurance cover the value of these items if you lose them?

The value of your personal property is how much money all items that belong to you in the rental are worth. This value helps an agent determine your insurance rates. It also helps your agent make sure you have enough coverage to replace all of your items in the event of loss.

Your insurance agent will ask you the personal property value when you apply for coverage. It is your responsibility to have enough coverage to replace these treasured items. Tell the agent that these expensive items exist and prove their worth.

If your insurance provider knows about these items, he or she will likely recommend a higher level of personal property coverage. That way, if the item becomes lost, you can file a claim that will likely compensate you for the item’s full value.

One way to ensure that the insurance claim honors the value of these items is to keep receipts on them. If you can’t find a receipt, you can have the items valued. Have a certified, high-end property appraiser verify and value the item.

Including high-value items in personal property coverage will likely increase your renters insurance rates. If you want to keep your item insured, but also keep your renters insurance policies affordable, you can often insure high-value items with special insurance policies. That way, both the item and your property have coverage.