How to Take a Personal Inventory of Your Apartment
While homeowners accumulate years’ worth of belongings, most renters have fewer possessions. However, the average renter still has at least $20,000 worth of belongings, a value that would be difficult to replace in the event of a total loss. That’s why renters insurance comes in handy. But in order to purchase the right amount of coverage, it’s important to know the total overall value of your belongings. You can do this by taking a personal inventory of everything inside your apartment.
Start by making a spreadsheet with columns for item description, estimated value, brand/manufacturer information and serial number. Then take a few hours to go room to room documenting your belongings. Some people prefer to tackle one room per day to spread out the chore. Fill in the spreadsheet and take pictures of every single item that you would want replaced if it were to be damaged or stolen. Keep receipts for high-value items as well as further proof of ownership.
This process is a tedious one, but it can come in handy when you least expect it. First of all, knowing the value of your assets helps you buy the right amount of insurance so you’re not lacking protection or paying too much for protection you don’t need. Additionally, this thorough documentation of your belongings helps streamline the claims process following a loss. Your personal inventory will prove to your insurance provider that you owned everything you claimed and helps you get the appropriate payout to replace your belongings.
Need help getting started? Our agents can give you pointers to make this experience valuable for both you and your insurer.
Protect your belongings. Call Breathe Easy Insurance at 866.822.7755 for more information on renters insurance.
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