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Home Inventory

March 25th, 2019 at 06:46 pm

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.

4 Responses to “Home Inventory”

  1. Jenn Says:

    You're paying more for renter's insurance than we pay for home owner's insurance. I know it varies in different regions, but that just seems wrong since our coverage includes replacement of a house!

  2. creditcardfree Says:

    @Jenn, I agree! We never paid this much when we owned a home either. It does include personal liability coverage...I need to look that up today to see if we had that in the past. The odds of us needing a claim under that is slim. As we rarely have people visit us in our home. At least I am seeking out new quotes!

  3. rob62521 Says:

    I am sad to say I have not done an inventory and how much stuff is worth. I do take a photo of our rooms and share the information on a CD or memory stick with the insurance company.

    I wonder if where you live has higher premiums.

  4. creditcardfree Says:

    @rob, yes I have taken pictures in the past. Time to at least update those since we have moved and downsized. I'm nearly positive this is a higher cost insurance area, but I still want the best price!

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