According to the Insurance Information Institute, the average person has over $20,000 worth of personal belongings. Although it may be hard to picture the overall cost of your possessions, creating a comprehensive list of these items can prove to be an invaluable resource. Especially when determining the amount of personal property coverage, you need in a renters insurance policy.
How do I figure out how much my belongings are worth?
With increasing access to technology, including the use of home apps, it’s become easier to quickly and effectively organize personal items. Many of these apps include tools that help you price and track the value of your possessions over time. If apps are not your thing, keeping track of your personal items on an Excel spreadsheet can be just as helpful.
Determining and Writing Down Item Value
An important part of logging your personal items is accurately determining their values. You can look up item prices online, although keep in mind some of your more valuable, rare items may need to be professionally appraised. In the event you need to file a claim, insurance agents may ask for an appraisal report to verify the estimated value of said item(s).
Take Photos of Your Belongings
Taking plenty of photos of your items can be beneficial in the event your personal items are lost and/or damaged while renting. By going through each of your rooms and taking photographic evidence of these items, you are giving yourself greater financial security in the event you need to file a claim. Renters may even consider recording a quick video walk-thru of their rental unit for additional evidence of ownership.
Keep Important Item Information
Once you have purchased an item, take the time to review and record its value in your inventory list. Aside from knowing its value and taking photos, renters should also consider saving item receipts and other documentation that can better help your renters insurance provider determine how to proceed in the event your items are lost and/or damaged. Your insurance company can provide additional details on proving item value after filing a claim.
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