You are proud of what you own, and you want to protect your belongings in your home. Therefore, insurance is often an option to help protect the value of these items. If something happens to them, you can often get compensation to make up for the loss.

Even if you don’t own a home, you still have your own belongings to protect when you rent. Those things belong to you, and they still need protection. Renters insurance often carries possessions coverage to cover your treasures. Still, your policy might have restrictions on how it covers your most expensive items. So, take extra care to insure the items that have the most value.

Restrictions on Property Coverage

When buying renters insurance, your agent might ask you to declare a value of your personally-owned possessions. For example, you might decide to take out $15,000 in possessions protection. Following a covered hazard, your policy will provide, at most, $15,000 to repair your belongings.

However, within your renters possessions coverage you will likely find certain limitations. Many policies often carry what they call per-item limits. For example, they might only provide $1,000 maximums for a covered item. Therefore, if you make a renters insurance claim on a $2,500 possession, you might only qualify for $1,000 in coverage. The remaining $1,500 will have to come from your own pockets. Also, don’t forget you might have a deductible on your possessions as well. You still have to pay this price out of pocket before your insurer will pay.

Insuring Expensive Items

So, what are you to do if you still face limits insuring expensive valuables? How will you be able to replace electronics, jewelry, art or other hefty items within a policy’s confines? Don’t worry, regarding expensive items, you often have options.

• Consider purchasing a separate insurance policy on particular expensive items. Most of the time, you call these specific item policies endorsements. With an endorsement, these items have much fuller coverage.
• Ask your insurance agent to extend a policy endorsement to your valuable items. It attaches to your existing renters insurance policy. This can ensure that you extend full protection, to those particular items.

Depending on which avenue you pursue, you might see variable costs in your policies. Therefore, tell your agent about the specific items you want to protect. They can help you decide the most secure, yet economical, ways to insure your belongings. Don’t go without possessions coverage on your renters insurance. It might prove valuable.