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For Rent SignIf you own expensive items—fine artwork, a vintage car, a custom-designed bicycle, fur coats, a golf cart, musical instruments, high-end jewelry, taxidermy, collectible coins etc.—your renter’s insurance policy may exclude them from coverage. However, contents insurance is designed to make up the difference.

To confirm the coverage value for expensive items, your insurance provider may require expensive items to be appraised. It’s also recommended that you create a personal inventory, which is a detailed list documenting all of your valued possessions—even the low-value items—along with their worth, manufacturer information, pictures and receipts for expensive items. In the event of a covered incident, this list can be used to determine exactly what was damaged or stolen and how much you should receive from your insurer as compensation.

Bear in mind, the benefits you receive are based on the coverage option you select when you purchase your policy. Actual cash value covers an asset’s original price minus depreciation. This option is great for items like electronics, which drop in value quickly, but it won’t necessarily be enough to replace items that have increased in price such as gold and diamonds. Replacement value covers the cost of replacing items at current prices. This option is better for items with values that remain static or increase over time.

An independent agent will evaluate your needs based on the high-dollar items you want to protect. Your agent will then shop on your behalf in order to find you coverage with the right combination of policy and price. This coverage can often be added to your existing renter’s policy as an endorsement, or rider.

Need a little extra protection? Call Peachstate Insurance at 404-320-9995 for more information on Atlanta renters insurance.

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