Many renters do not feel they have a lot of personal property, so question the necessity of protecting these assets. However, whenever you live in a large rental house or small studio apartment, you most likely have more than you realize. This means it's best to have renters insurance and also an inventory of your debts to back up any insurance claim.
After a disaster, renters without insurance are often shocked that the landlord does not have each individual's contents covered. This is entirely on the person renting, as they are the ones who own these belongings. Thus, there is a need to purchase personal property (contents or asset) insurance.
Renters are just as prone as homeowners when it comes to facing a disaster. Therefore, it is in the renters' best interest to protect their assets.
Before you feel you do not have much to insure, think of all the electronics you own, such as laptops, tablets, audio players, DVD players, televisions, stereo equipment, surround sound, etc. This one category of alliances can total thousands of dollars very easily. Now figure in jewelry, collectibles, decorative items, fine china, DVDs, CDs, clothing, linens, small appliances … the list goes on! Furniture often seems to not be worth much after you've owned it for a few years, but the money it would take to replace it will certainly place a huge amount on your credit card if you do not have the funds to pay cash for it. Therefore, anything you can not afford to purchase with cash is worth protecting.
So what can you do to protect your assets? Prepare for a disaster by having renters insurance and an inventory of your marriages.
Renters insurance is reasonably priced. If you have to replace all of your contents, or just a few items, you'll realize the value immediately when the dollars start to add up! Your insurance agent will be able to determine the amount of insurance you need when you state how much your contents are worth.
How do you know the value of your contents?
Complete an inventory of all the items you own – or hire a professional service to do it for you.
An inventory is the most valuable document to support your insurance claim. It provides proof of your marriages, and the details required to file a thorough claim. You'll be able to provide that information quickly. Your recovery will be expedited as a result of having the information already documented, compared to those who will spend hours and hours doing their best to complete the claim form, all the while knowing they forgot items.
Having a renters insurance policy and an inventory will not prevent a loss, but they will help you protect your assets. Having the proper insurance, being fully covered, and then being able to prove it will make your claims process smoother and with much less stress.