How to Protect Your Valuable Personal Items With Renters Insurance

If you live in an apartment, you could protect your personal belongings by having them covered with renters insurance. Some of your belongings however, may be more valuable than others. Family heirlooms like jewelries or paintings of famous painters could prove very valuable and that the amount of coverage in your renters insurance may not be adequate to pay for their replacement or loss.

Coverage only refers to actual lost

Normally, the insurance policy will only pay the amount that was initially paid to acquire the items. The current cost needed to replace the lost item can be a lot higher than the initial purchase price. Also items that have stayed within the family for a very long time will usually acquire a sentimental value on the part of the current owners. Such value is intangible and normally would not be included in the computation of determining the replacement cost in case the item has been destroyed or lost.

Valuable personal items should be appraised

Having your valuables appraised first could tell you how much is it really worth based on current prices. It can also give you an idea on how much insurance coverage you really need. Appraisal of items as small as jewelries to as big as furniture can easily be arranged at minimal cost.

You could insert a rider on your policy or have the items covered by a separate policy

You will need to talk with your insurance representative to find out which option is best for your valuable belongings. You could also arrange specific coverage plan for some specific items. One could get coverage against damages or loss due to fire for a precious painting and that coverage amount will be based on the latest market value.

In case the insured valuable item has been lost or damaged, you will need to make your claim through the proper procedures. If you have a certain item that has been destroyed due to a fire in your apartment, would it be treated as separate from the other items that have also been destroyed by that particular fire? Or would you prefer to bundle them all and file a general claim for damages instead? Before taking any kind of renters insurance it would be much better to study your options well. Once you know the various policies that are available to you, getting the right policy to protect your personal belongings will not be hard.

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