You know what’s cool about having your own space? The fact that it’s yours. While renting prevents us from painting or drilling holes into the walls, we’re still able to make the place feel like home through decorating our interiors with our own personal brand of genius.
To protect our stuff against the unknowable future (if a pipe should burst or a thief come tearing through the place) we look for the best renters insurance package we can find. Renters insurance covers the cash value of all our personal effects; if anything should be damaged or lost, it can just as quickly be replaced.
That’s all well and good when it comes to our IKEA side table, but what about the great grandma’s Art Nouveau engagement ring? What about the rocking chair dad made as a gift to mom when they learned she was pregnant with you? To find those answers, read on.
Cash Value vs. Personal Value
When we go out to get an insurance plan, no matter what kind of policy it is, everyone will tell you that the more coverage you get, the better off you’ll be if something bad should happen. The absolute first thing you should do before settling on a policy is figure out what the total cash value of all of your belongings comes to.
According to The Simple Dollar, people usually lowball their estimate, and then when it comes time to getting things replaced, their insurance doesn’t cover all of the expenses and then they can’t afford to pay much more out of pocket themselves.
To make a complete and accurate list of all the things you own, the website knowyourstuff.org allows you to download free home inventory software. This software helps you mark and change your home inventory, keeping your inventory list updated and exact. When you know what you own, you can more readily calculate the total worth. But what about your priceless possessions?
How can you put a price tag on the oak rocking chair that is sun bleached at the where it sat in front of the window in your childhood home? While nothing can replace your sentimental possessions if they should get damaged or stolen, there are a couple of routes you can go to protect them.
Get an Appraisal
Rather than trying to figure out on your own what grandma’s engagement ring is worth as you’re filling out your renters insurance policy. forms, HowStuffWorks suggests getting it appraised. A certified appraiser will take into account the condition of the heirloom and its rarity and demand (this means the price it would fetch in the current economic market). After assessing its value, the appraiser drafts a certificate of authenticity to give to your insurance company so that grandma’s diamond ring is insured for the price it’s worth.
Add Another Policy to Your Renters Insurance Plan
When it comes to handmade items like dad’s custom-built rocking chair, you will need to take out a separate policy that insures that item alone. Also known as valuable items coverage, this type of insurance plan can be added on to your renters insurance policy. And remember, most insurance agencies give their clients discounts when they bundle insurance policies!
No amount of money can ever replace the items you treasure for their history, but at least you’re doing what you can to protect them. For the best renters insurance quotes, shop with CoverHound.