How to Properly Cover Your Personal Property in a Renter's Insurance Policy

When you get a renter’s insurance quote, you should request coverage for your personal property and some personal liability protection at a minimum. Sometimes, however, people just “pick a number” for their personal items when they occupy rentals. This is usually a mistake. Here are some tips you should consider to protect yourself and your belongings.

• Make a complete list of all of your personal property. Not a partial list, a complete list.
• Take pictures of your stuff. Include everything of value, from your microwave oven to your TV to your golf clubs to your clothes. Don’t forget wall hangings, oriental rugs, lamps, furniture, etc. as any or all could be damaged.
• Set a reasonable value for each of the higher valued items (computers, TV’s, rugs, etc.) so you’ll have a negotiating point should you need to file a claim.
• Make a short video (optional). This action plan should not replace digital, Polaroid, or 35 mm pictures, but will only enhance your position when your stuff is viewed as part of the whole look and feel of your rentals.
• Get some third party evidence of values for higher priced items. Save your receipts or get some other evidence of the current value of items that are expensive. Using the Internet to visit other websites that sell similar items might be enough to give you evidence of value.

Making a home personal property inventory with pictures is the easiest, least expensive, and most effective method of using rental property insurance to your benefit. Insurance for renters is an absolute requirement that you should not overlook when you rent a home. Don’t short change yourself. Get the best coverage you can afford. And, don’t forget to keep your inventory in a safe place in the event of a fire or other physical disaster.