![]() ![]() To inventory your belongings, walk through your home, room by room, and document the stuff you find. Ideally, your home inventory file would include photos, receipts, and descriptions plus serial and model numbers for specialty items, jewelry, and electronics. How to do a home inventoryĪ home inventory is a listing of everything you own, along with estimated values. But the smarter route is to quantify the value of your things by doing a home inventory. If a fire burns down your home and everything in it, how much compensation would you expect from your renters policy? You could guess at a number. The carrier will usually suggest coverage levels for ALE and liability, but it should be your job to request a coverage limit on your personal property protection.Īs a reminder, personal property coverage reimburses you for damage to your belongings - that's your clothes, furniture, appliances, etc. Most renters policies have three types of coverage: Personal property protection, additional living expenses (ALE), and personal liability. ![]() ![]() Read on to learn how - and why this is a critical step for anyone who has renters insurance. It involves doing an inventory of your belongings. Many renters policies assess the value of your belongings at actual cash value, which is their depreciated value.įortunately, there's a foolproof way to quantify the personal property coverage you need on a renters policy. The best way to decide how much renters insurance you need is to complete a home inventory.Ī home inventory also helps you make informed claims decisions and streamlines any personal property claims you'll have to make. ![]()
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