What Do I Need To Cover With Renters Insurance?

By Compuquotes Team on March 27th, 2008

Renters Insurance

When you purchase a renters insurance policy it is absolutely necessary for you to provide a comprehensive list of all items you have lost as a result of physical disaster or theft. Of all these items the most important will be your electronics. When you list your electrics you may need to include any accessories that you have bundled in your equipment.

Your computer bundle might include keyboard, mouse, speakers, computer cameras, printers, scanners, headphones and microphones. In some cases, as for graphic artists and print artists, there may be more expensive and specialized printers or plotters. Computer and all related equipment must have clear descriptions including and serial numbers that may be included in the item. These are very helpful if you hope to get your stolen property returned.

Sound Systems and Home Theater Systems would be included in your list of items to be insured. Don't forget to include your IPOD player and whatever wireless phone/PDA device, that may have been taken. List your actual phone if your house phone was destroyed or stolen. If you have a baby monitor then list it in this section as well.

List your clothing and jewelry as well. In most cases they will give you a set amount for clothing that are unremarkable. While you may list your winter coat and have a receipt for it, they may just lump it together under the general heading of clothing. If you had your wedding dress stolen or any formal wear that was quite costly, you would want to specify this.

If you are required to have suits, formal wear, or specialize uniforms for work then this must be clearly stated because you can put a higher value on these clothing. Any specialized footwear or safety gear that is necessary for work needs to be included because you need these things for you job.

Unless the jewelry is "fine" jewelry then it will be listed under a general category of jewelry. If it is an engagement or wedding ring then this will be a stand-alone item. Any other gem or precious metal piece should be mentioned individually as well. Certifications of authenticity and receipts of fine jewelry must be included in the list of property for the insurance company.

If there was a fire and large items need to be replaced, like furniture, include this on the list. Dishes, Pots, Pans and appliances will need to be listed. If your microwave was not supplied by your apartment complex, then you must list the equipment for it to be replaced.

If you have tropical fish and large tanks then list the equipment as well as any fish that may need to be replaced. Depending on the size of your fish tank, your equipment could be quite expensive. If you have any other hobbies that require you buy expensive equipment include these items as well. Sport and biking equipment need to be listed in this category as well.

It is important to note here that if you have a chance to it is a good idea to take pictures of your items to include in your list of property inventory. Once again remember to keep track of the serial numbers off of your equipment. This will help claims adjusters to determine depreciation on your possessions.

A quick note here about depreciation. If you purchased a TV five years ago for $500, the insurance company will only allow $100 to replace it today. It is unfortunate but you will not be getting full value in return for your possessions, but at least you will be able to recover something in order to replace some of the things that you lost.

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