Renters insurance has two main purposes: to protect your personal belongings from a variety of covered events and to protect guests in the event that they get injured or suffer property damage in your rental unit. Industry professionals recommend purchasing a renters insurance policy with at least $100,000 of liability coverage, but what about property coverage?
To answer that, you first need to determine the overall total value of your belongings. The best way to do this is to take a personal inventory. It can be a tedious process, but it will help you and your independent insurance agent calculate the right amount of necessary coverage—plus, it’s easy to maintain once it’s done the first time. How do you take a personal inventory? Just follow these steps:
1. Create a spreadsheet, organized by room, with a column for item description, serial number, manufacturer information and dollar value.
2. Begin documenting everything you would want replaced in the event of a total loss. Fill in as many columns as you can per item and take a photo as well. (Hint: Some people find it easiest to work on one room per day until the inventory is complete.)
3. Calculate the total dollar value of your belongings by room, and then determine the overall value.
4. Scan any receipts you’ve saved from high-dollar items, like furniture or a TV. Compile everything into a digital document, save it in multiple places and file a copy with your agent.
5. Update the inventory each year, or after the purchase of a high-dollar item.
Once you know how much property coverage you need to protect your assets, your agent can search for the most suitable policy that offers both the correct amount of property coverage and an adequate amount of liability coverage. Get started today.
Protect your belongings. Call Lakenan Insurance at 314-721-1500 for more information on St. Louis renters insurance.