As a renter, you have contractual permission to live in a home owned by someone else. The home itself may not be yours. However, plenty of items that you bring onto the property belong personally to you.
You assume a responsibility for your own property in the rented space. When you buy a renters insurance policy, your agent will likely ask you to provide a total monetary value for the personal items in your home. The agent will use this valuation to determine the personal property coverage limits on the policy.
The value you assign to your personal property might impact the price you pay for renters insurance. Therefore, you need to buy enough coverage to fully cover your most valuable and irreplaceable items. However, you don’t want to over-insure yourself, and pay for coverage you might not reasonably use.
By manipulating the items you include in your personal property value, you can receive an accurate sum to help you replace your most treasured items. Always include your most valuable, personal or irreplaceable items. However, you might be able to leave certain less valuable items off the policy.
Items to include:
- All your furniture, particularly unique or heirloom items
- Clothing, shoes and personal accessories of value
- Art or collectibles
- Furnishings like china, linens, silver and crystal collections
- Firearms or other recreational equipment
- Personal appliances that belong solely to you
- Electronics, including radios, TVs, stereos, tablets, cell phones and computers
Some rental properties come equipped with certain appliances and furnishings. Others require renters to provide their own. Only include items you personally own on your renters policy. However, make sure your policy covers the liability risks you might pose to the homeowner’s property.
Sometimes, the value of certain items might exceed the coverage limits available on your renters policy. Such high-value items might include jewelry or precious art. With such valuable items, it is often best to insure them separately. That way you can maximize the uses of your renters coverage.
Additionally, certain renters policies might exclude certain personal property from coverage. These may include certain machinery, and even pets.
Items to consider leaving off a policy include are not set in stone. Follow a rule of thumb when deciding what to include. If you could reasonably and easily afford to replace the item without hassle, then it is likely best to leave it off the valuation. Easily replaceable items might include low value furnishings, like cheap dishes, towels or a toaster. However, don’t let the potential for a higher price stop you from appraising certain items.
We’ve got you covered. Peachstate Insurance can help you get a Newnan renters insurance policy to cover your personal belongings. Call us at 877.997.2478 for a fast, free quote right now.