FRIDAY, NOVEMBER 11, 2022
Renters insurance provides financial protection for you in the event that your possessions are lost due to a covered claim. What does that mean? When you invest in a renters insurance policy, you are gaining protection from the loss of your personal property. This may include your home’s furnishings, your clothing, appliances and other systems that you own, as well as any collectibles you own. If a covered peril occurs, such as a fire, theft, vandalism or damage from a windstorm, the insurer pays you a certain amount per item or up to a certain value for the entire policy. But there are limits.
Owning Valuable Items
In many situations, renters own valuable items. These items can be collectibles such as baseball cards or rare jewelry. When you own valuables, you have a specific level of risk present. If these items were lost in a fire or stolen, you may suffer financially. Renters insurance can help if you have the right coverage in place. Your first step is to estimate the value of your collectibles to ensure the policy has enough financial coverage in place to minimize your risks.
To do this, consider these tips:
- Do you have a receipt that shows the value of the item? Many collectibles increase in value over time, though. This may be one step to prove ownership, but it may not provide enough coverage.
- Have the item appraised. This is perhaps the best way to make sure you have enough insurance to protect yourself from loss of that item. A professional appraiser can answer these value questions.
- Look for replacements. If you plan to have replacement coverage on your collectibles (which can be necessary and beneficial), you’ll want to look for replacements of your collectibles and how much it would cost to replace them.
Keep in mind that renters insurance policies have a per-item and a total compensation limit. You’ll need to add a rider to cover your high end valuables and collectibles if they individually or collectively add up to more than what your policy will cover. Doing this is important. It helps to give you peace of mind knowing that you have protection in place for when you need it the most.
Let’s review your policy. Call CCIS Insurance Group for more information on renters insurance.
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