I don’t own very much. Why do I need renters insurance?
Most renters would be surprised to learn how much it would cost to replace every item in their home. Furniture, electronics, clothing, footwear, major appliances, dishes, silverware—the average renter owns a lot of stuff! If you were to lose it all, even a week’s worth of clothing and a new dresser could set you back hundreds, if not thousands of dollars.
Download a copy of the Home Inventory Checklist and add up how much you truly own.
Tips for making your home inventory
- Make your inventory as complete as possible. Your insurance company will require a detailed list of your personal property before paying your claim.
- List purchase dates, values, serial numbers, and brand names, if possible. Keep receipts for expensive items.
- Keep a detailed inventory of your clothing and accessories, including shoes and jewelry. Attach extra sheets to your inventory if you need to make longer lists.
- Take pictures and video of each room in your house. Don’t forget closets, drawers, storage buildings, the attic, and the garage. Label the pictures and video with the date.
- Keep your inventory, pictures and video, a copy of your insurance policy, and any appraisal reports in a secure spot. Keep a copy in a secure place away from your house, such as in a safe deposit box, at work, or at the house of a friend or relative.
- Save your pictures, videos, and any documents on a computer. It might be a good idea to email them to yourself so you can access them wherever you can log onto a computer. Also consider storing these in a cloud-based storage account.
- Review your policy’s personal property coverage limit annually, and be sure the limits are high enough to cover the items on your home inventory. Personal property coverage pays if the items in your house (such as furniture, clothing, and appliances) are damaged, destroyed, or stolen.
- Renter’s policies usually offer limited coverage on certain personal property, such as jewelry and furs. You may be able to buy more coverage for an extra premium. Tell your agent or company about any special items you have that you’d like to insure.