Choosing Your Renters Coverage

The goal when estimating the value of personal property and assets is to be as accurate as possible.

Here are a few tips to consider when deciding how much coverage you want:

Itemize your belongings and determine their value

• Make a list of all your personal possessions. Include furniture, small appliances, tools, electronics, decorations, clothing, accessories, books, musical equipment, art and other valuables.
• Include a description next to each item (make, model, serial number, etc.), and note its value and purchase date. Attaching any receipts you have and taking pictures or video of each piece can speed up the claims process in the future and enable you to verify losses for your income tax return.
• Get an appraisal of current market values for valuables such as fine art and jewelry.
• Add everything up to find out how much property coverage to consider.

Estimate your net worth

How much liability coverage you buy may depend on your net worth. To arrive at a coverage limit, add the value of your assets and investments to the value of personal property.

Determine if you want to add personal articles floaters

Although most renters policies cover personal property like jewelry, watches, manuscripts, collections and fine art, coverage limits may be relatively low. If you own any items worth more than $500, you may wish to purchase personal articles floaters that provide extended coverage up to a limit of your choosing.