what kind of renters insurance?

[HBOC]

I dont know what forum this belongs to, but i figured buying tips would be a good bet.

I have renters' insurance right now of $15000. We have to get it due to the regulations of our renters' agreement with the apartments we live at. Plus it is a great thing to have anyways..

So my questions start with documentation. I know it would probably be a great idea to start with taking photos of the products we have and the SN's? Then also maybe video taping the items as well? Physical documentation, ie; writing down everything as well..?

Any help is appreciated!

 

[fa8362]

Just call the insurance company. They'll tell you exactly what to do.

 

[old-wiz]

usually you have exclusions on it too and a deductible. Only your insurance company can give you the info you need.

 

[Doctor Q]

There's no harm and potentially some good in having records of the serial numbers of big-ticket items like your computer, TV, appliances, or other major electronics. You might write them on the original purchase receipts and keep 'em all in a folder in a safe place.

If you walk around the house with a videocamera, you can make a video showing these items, but still photos are probably just as good and easier to share with an insurance adjuster if you ever need to. If you file a claim, the information you've collected will make it simpler to know what you had and let you show the insurance company that you didn't just make it up.

If you ask your insurance company about this, please post to tell us what they say.

 

[claimed4all]

Also be sure to check maximums. I have a 50,000$ replacement renters policy, but it maxes out at 2,000$ for jewelry, so I had to get an additional rider to cover her ring. I also have maximums on firearms, documents, cash, and a few other items. I do not believe I have a maximum on computers or electronics, but I have not read my policy in over a year. Your best bet is to call your agent and see what documentation you need for a claim and your maximums on certain items.

 

[brand]

I am in the process of using Binary Formations Home Inventory to track my belongings. Hopefully version 2 will be released before too long. IIRC if you purchase Home Inventory now you will be eligible to upgrade to version 2 for free.

 

[sickmacdoc]

One thing to check into when speaking with the agent in addition to the specific category limitations in the policy (which can usually be raised for very little additional premium) is whether or not you are insured for replacement cost for your items or the depreciated value of them.

If you are covered for replacement cost you would be reimbursed based on what a new equivalent item would be from a reputable seller, rather than the current "value" of your item is considering age, etc. I guarantee after seeing a close friend go through a depreciated value experience when his rented condo burned to the ground, the numbers the insurance company will call "fair market value" and your idea of its value will be lightyears apart.

 

[HBOC]

Also be sure to check maximums. I have a 50,000$ replacement renters policy, but it maxes out at 2,000$ for jewelry, so I had to get an additional rider to cover her ring. I also have maximums on firearms, documents, cash, and a few other items. I do not believe I have a maximum on computers or electronics, but I have not read my policy in over a year. Your best bet is to call your agent and see what documentation you need for a claim and your maximums on certain items.

I asked someone at work, and they informed me that there is a cap on some items, even though i have $"15K" coverage. He was saying the same thing..like for jewelry and such....

I will call the insurance company as well...