How to Prepare for the Worst: Documenting for Your Renter’s Insurance

Renter’s insurance is an important – yet often misunderstood – form of insurance. As the name suggests, it protects renters, their guests and their belongings from fire, theft, vandalism and other damage.  Best of all, renter’s insurance is relatively inexpensive and easy to get.

However, to be fully protected, you must have a comprehensive list of all items in your home. In other words, it may be close to impossible to remember and clearly convey to your insurance agent all of your items unless you have proof of them.

Renter’s insurance companies will not likely reimburse you for items that you can not prove you owned, and they will likely not give you as much money for an item as you would like – unless, of course, you have proof to go along with your insurance claim.

Documenting items for your renter’s insurance should include both written and video documentation:

• Written documentation – The written documentation for your renter’s insurance policy should include a breakdown of all items, according to each room in your home. The best way to approach this documentation is to walk from room to room in your home, recording all of the items that you would want replaced if they were to become damaged or stolen.

Your written documentation should include all features of an item, as well as its estimated value. You may want to include the amount that you paid for the item, as well as the receipt, if possible. Remember: the more information you include in your written documentation, the better your insurance company can handle your claim and reimburse you for the item.

• Video documentation – Along with your written documentation should be a video tape of your home and all of the items in it. A video documentation can back up your written documentation, and it can provide your renter’s insurance company with a compilation of every item in your home, thereby facilitating the process of reimbursement.

Once you have documented all of your home’s contents, it is important to store one written and video copy in your home and one copy in another location, in case your home is a total loss. In addition, it is important to update your written and video documentation on a regular basis as to include any new items you may have acquired.

Lastly, it is important to check with your renter’s insurance company if you have valuable jewelry or firearms, as these types of items may need to be covered under a separate policy.

Steve Wyrostek – RentersInsurance.org Expert A 20 year plus veteran of the insurance industry, Steve managed departments in the personal and commercial lines areas of major insurers. He’s familiar with how insurance—ranging from boat to workers compensation—works.