Renters Insurance?

Question

I'm sorry if this is in the wrong category however I was in need of some info.

I finally talked my boyfriend into looking at Rental insurance, One of his friends told him that it helps to have photo documentation of anything of value that can be replaced is this true? Also if it is true how detailed do the pictures have to be?

Answer 1

A photo record is good. A video record with the date purchased and price paid is better. On the photo be sure to put that info on it. Store them somewhere other than the apartment you are renting and be sure to be reasonable. One overinflated value can result in your whole claim being denied. It is a great idea to have the insurance since the landlord is not liable for your loss.

Answer 2

It is a good idea. When taking the pics (or video if you have one, either works), just think about what would prove you had the property. If you need the insurance, it really makes filing a claim easier.

I not only have pics of my stuff, but I have a detailed list of all of the CD's.

Make copies, give one to your agent (if you use an agent), and keep another one away from the building. You don't want your proof burnt with the rest of your stuff.

Answer 3

Photos are ok but I think VIDEO is the best.Photos don't show everything like a VIDEO can.  You can stop a video and then start it again at spots and think -- wow, did we have that?  Also, a VIDEO shows things in SIZE  like, 3D and a picture is FLAT.  Know what I mean?  Like, if you had a diamond ring and you took a picture, how large is it or how small?  A video of it, if you picked it up, or held it next to something else, then you had a REFERENCE of the size of it, get the point?  Plus, you are moving AROUND things in a video too, always getting different views of stuff, etc.

VIDEO is best.  Then put it in your safe deposit box for safe keeping.  Make a copy and put it in the house someplace too, like a fireproof safe compartment you can purchase or maybe you have a wall or floor safe.  Now you have two safe copies.

EDIT -- uploading it online was a good comment to.  Not to your computer, because in a theft or disaster the computer wouldn't help you much.  Online is always there.  That would be THREE good copies now.  And what they say is true.  Landlords are not responsible for "contents".  YOu are.  So you would loose everything in case of any disaster, fire, theft, rain, etc.  Good move, good decision, whether in an apartment renting or in a home renting, same principle applies.

Answer 4

You definately ought to have photos/digital images of everything of significant value taken.  If you take photos, or just store the digital images in the camera, on a CD, etc., be sure the photos, CD, etc., are NOT kept in the same place you're renting...otherwise they'll be destroyed along with the actual object in the event of fire/flood etc.  The more detailed, the better, for really valuable items, take multiple shots at multiple angles.

Importantly, get insurance for the most likely disaster to occur in your area.  For example, in California, regular renter's policies do NOT cover damage from earthquakes.  Many policies also include mold and flood exclusions.  If you want coverage for things excluded by your regular policy, you will have to purchase separate coverage (usually not much more).

You may also want to consider adding an "umbrella" to your renter's policy.  An "umbrella" provision provides additonal liability coverage to the named insureds on top of any other coverage (like auto liability).  You can get a million dollars in coverage for (depending on the company and your history) as little as about $200 a year.  This will help protect your personal assets and make it less likely that your future wages would be garnished if you made a terrible mistake - like falling asleep at the wheel and crippling someone.

Answer 5

Sure it helps, but I wouldn't bother with a photo.  Take a video camera, and just walk around and record everything.  Open closets & cabinets.  Any high end items, go to the back, get the serial numbers.  Give a verbal commentary the whole time if you want.  It's much faster than photos, and easier to update.

Either upload a copy online, or ask your agent to keep a copy, or otherwise keep a copy off premises.

Answer 6

You don't have to have photos....but they help.

If you have a fire. Every thing you own is destroyed. When a couch burns up.....the only thing left is the springs!

Now, your insurance company is going to hand you a list and ask you to list every thing you own.

So....how many pairs of socks do you have? Shoes? Plates? Forks? CD's? DVDs?, bottles of nail polish?

See my point.

Having photos can  help.  Or, take a video camera and record everything you have. Open up drawers, cabinates, closets. Be sure to note things of value (flat screen tv, computer, ipod). Then put the video in a safe place ( not your apartment.).  A bank safe deposit box is good if you have one.  Up date the video every few years.