i have a question?? how much insurance is a good amount to have on your items .i live in a apartment and i do have some gold jewelry my furfure is three years old, i have 20.000 is that too much?? should i lower the price coverage, as my son said to me, mom you’ll never get back the whole amount on the insurance. because the items go down as they get older , whats every one think? thank you
TALK to your insurance broker or sales person, and ask them to explain to you and your son 'Replacement Cost" insurance. Its what we all think we have, and when there is a loss, we are disappointed to learn that we have a policy that only pays “Actual Cash Value”
Hope it helps
With my policy I have full replacement value of everything. I originally had $20,000 of coverage and did a walk through and estimated what it would cost to replace everything brand new. I have designer purses and shoes, plus all the furniture and electronics. Some policies have separate riders for electronics and jewelry, so you need to ask. I greatly increased my coverage once I realized what it would cost to replace everything.
thank you for your answer i will now check into it,you have helped me understand more and what to do about the cost again thank you
I am so glad to see people with renters insurance! I know people that didn’t have it and lost everything when there was a fire or other disaster. I would never be without it, even at a minimal level. I second the suggestion to talk with your agent about what makes sense for you.
Here’s an article from The Penny Hoarder on renters insurance, in case it helps! https://www.thepennyhoarder.co…s-renters-insurance/