If you’re getting ready to move this summer or haven’t updated your policy in a while, here are some helpful reminders when it comes to renters insurance. It’s not required by law but many landlords require it regardless.
Inventory your belongings – Moving is a great time to make a record of what you own
- Take pictures or videos of your belongings such as furniture, electronics, jewelry, recreational toys and equipment, appliances, and even clothes.
- Copy or organize your receipts and manuals with serial and model numbers.
- Store your inventory somewhere accessible (like in the cloud) so you can access it in case of emergency or disaster
Opt for replacement value (RV) instead of actual cash value (ACV)
- RV reimburses you for the current price or value of your belongings.
- ACV reimburses you for the depreciated value, which can often be a fraction of the actual cost.
- Consider how much you can afford to pay out of pocket if everything is lost and which reimbursement type works for your budget
Review your policy limits and ask about add-on coverages
- Check if you have enough liability coverage for if someone is injured in your apartment or you are sued for personal injury.
- Add-on coverage can help with things like additional living expenses if you have to relocate temporarily, flooding – especially if you have a basement storage locker, sewer back ups, earthquakes, as well as electronics and jewelry since most policies only cover up to $2,500.
- Some policies may even cover credit card fraud, identity theft, defamation, vehicle break-ins, and funeral expenses.
By doing an inventory and reviewing your policy, you can make sure your coverage doesn’t fall short in the event something does happen – know the value of what you’re protecting!
