Jan 23, 2015
Protecting Your Expensive Items
If you received expensive items over the holidays, you have probably been considering taking out an insurance policy to protect them. You can do this with renters insurance that will cover your personal property from loss or theft. Before you sign an agreement or choose a policy, keep these things in mind to make sure your items have adequate insurance for its value.
- Know exactly how much your item is worth: To get adequate coverage, knowing the value of your items is crucial. Having the more expensive pieces appraised might be a good idea to get the most accurate idea of the item’s value, that way if your insurance policy does not offer enough coverage, you can get additional coverage if necessary.
- Pay attention to personal property limits: Many renters’ insurance policies have a set limit of coverage that they will pay up to for each insured piece of property, usually between 1,000 and 1,500 for a single item. There may also be a group limit on your policy, which may be far lower than the collective value of all of your belongings.
- Consider adding a floater policy: Having a floater policy allows you to increase the amount of insurance for an individual item. This may increase the amount of money you have to pay, but they provide you a broader range of coverage for your more expensive items, so it is a good option if you have items that are quite expensive. There are certain requirements that must be met before you can purchase a floater. Because you are getting more coverage for an expensive item, you have to have the item professionally appraised, which is an added out-of-pocket cost to you.
Gateway Professional Insurance Services in Vacaville for all of your renter’s insurance needs in California. Let us get you the right policy to give your belongings the protection they deserve.