Renting a home means you live in someone else’s property. You do not own the home itself, nor a lot of the home’s features. However, you will own many of the possessions in the home. You bought them, paid for them and moved in with them, after all.
Personal possessions are important in your life. Renters insurance will likely take them into account. Still, the value of your personal possessions will change over time. This will likely mean that you need to revisit your renters insurance periodically.
How Renters Insurance Covers Possessions
Often, renters insurance is an affordable way to protect your belongings in a rental. Among its features is often the option for personal possessions coverage.
Under this protection, you declare an approximate value of the belongings in the home. Should a covered hazard cause damage, your policy will then cover some or all of your property losses. Insurable property might include:
- Certain electronics
- Certain art and jewelry
To determine your personal property value, you’ll need to create an appraisal. To do this, you might need to collect receipts, take photos or hire a professional appraiser. You often have a lot of leeway to add or leave items off your property declaration.
Keep in mind that possessions coverage has limits. For example, it may not cover items of excessive value, like antiques or jewelry. You might be able to add a rider to your policy or buy extra insurance for these unique items. Always talk to your insurance agent about the best way to appraise your belongings.
When to Change Your Possessions Coverage Limits
You likely cannot keep the same amount of possessions coverage from year to year. Therefore, as you make changes to your rental status, pull out your policy. You might need to increase or decrease your possessions coverage. Times to look at your coverage include:
- When you buy new possessions of excessive value. These might include new furniture, appliances, electronics or other devices.
- Moving to a new home. You’ll likely need to adjust your property coverage anyway at this time. See if you need more or less possessions coverage.
- Upon marriage or the birth of a child. Your physical assets will likely increase at this time.
- When you renew a lease. Some landlords require residents to carry a certain amount of renters insurance. Usually, the landlord assumes no responsibility for damage to your personal property.
If you have questions about possessions coverage or renters insurance, contact one of our agents. We can help you get the appropriate coverage to meet your needs.
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