We have renter's insurance and have ever since we started renting. It is very expensive in our new location. I'm not sure now if we changed our coverages significantly. Our policy covers $50,000 replacement coverage. I think this is plenty as we are very pared down with our things compared to most people. I'm starting to question if it would be worth my time to actually inventory all of our belongings. The policy we have now also includes $100,000 personal liability coverage, with $5000 in medical payments. I'm wondering if our old policy even included this. I guess I need to go looking to see! Not sure if personal liability is worth having, as it appears to be nearly doubling our premium, which is $1,051 per year with a $1000 deductible. I did notice it includes flood insurance (which now that I have seen how easily that can happens is a very good thing).
Have you ever done a home inventory and included the replacement costs to figure your coverage needs? Any tips? If you didn't do an inventory, how did you decide on the amount to cover?
I know it seems like I should be savvy on this, but honestly, insurance has always been the last financial thing I tend to consider. We have always had auto and home/renter's. We have life and medical, but I'm no expert.
I'm currently reaching out to an agent to see if they can do better than our auto and renters policies with USAA. We have heard over the years that many insurance companies cannot compete with USAA. Although I do have one friend who did switch from USAA and found a much cheaper premium elsewhere on auto and home. So there is some hope.
Home Inventory
March 25th, 2019 at 06:46 pm
March 26th, 2019 at 03:15 am 1553570155
March 26th, 2019 at 11:59 am 1553601599
March 26th, 2019 at 03:42 pm 1553614944
I wonder if where you live has higher premiums.
March 26th, 2019 at 03:54 pm 1553615651