Renters insurance almost always comes with a level of personal property coverage. This can help you cover replacement costs in case a peril destroys personal property in your rental.

When you get renters insurance your agent will likely ask you the value of your personal property. Personal property value helps your agency include enough personal property coverage on your plan. You might not be able to afford replacement costs without enough personal property coverage.

Before you buy renters insurance, consider how much your personal items are worth. Valuing your items takes time. Consider these steps when estimating the personal property value of your renters insurance policy:

• Keep the receipts or documentation of the value of expensive items. Expensive items might include your home entertainment systems, furniture, appliances and some clothing items.
• If you don’t have documentation of value, try to establish the approximate values. You can sometimes have a professional appraiser document the value of your items.
• Make sure that you document the price of expensive or heirloom items. Heirlooms are often very valuable. You likely need documentation to get compensation for those particular losses.
• Know what items of personal property that renters insurance covers. Clothing and furniture may have coverage. Expensive items like jewelry and computer systems may need their own insurance policies. Check your policy for a list of exclusions.
• Make sure that your policy will cover the full replacement cost of lost items. If a policy only gives you the actual cash value of items, it will only cover the value of items at the time of loss. Items tend to depreciate in value over time.

When valuing personal property, you can choose to exclude some items from that valuation. If items are easily replaceable, you can sometimes leave them off your valuation. That can possibly keep your premium low. However, never exclude important or expensive items.

Once you value the property you want to insure, consider including a bit more coverage than you think you need. This can help you in the event of unforeseen losses.