Protecting your New Television with Renters Insurance
Most people spend hundreds or even thousands of dollars on high definition televisions. Did you know that you current renters insurance policy might not pay to replace this new purchase? Many policies don’t cover high-value items, so if your high definition television is damaged during a natural disaster or stolen, you might be out of luck. If you want to ensure that you aren’t stuck with the bill in the case of a fire, robbery, or other problem out of your control, follow these three steps:
Step One: Check your current policy.
Every renters insurance policy is different. Some will cover any possession you own, regardless of value, as long as you purchase enough insurance to cover the item’s cost. Others will not cover high-priced items. Still others sill cover items, but they must be documented with the company. Before you change your policy (or purchase a policy if you don’t currently have one), see what the company is already doing to protect you.
Step Two: Update your policy to include the high definition television.
If your policy doesn’t cover the expense of your new television, it’s time for an update! Almost all companies allow you to purchase additional insurance so you can cover expensive items, like televisions. If you live in an area where floods, earthquakes, or tornadoes happen frequently, these things may not be covered, even by additional insurance, so you may want to add these to your policy as well. As you’re updating your policy, keep in mind that safety and security items could decrease your premium, so let your insurance agent know about smoke detectors, deadbolts, alarms, and other measures you or your landlord have taken to protect your home.
Step Three: Document your purchase.
Should there be a problem where you have to make a claim, having proof of what your high definition television cost can come in handy. Copy the receipt and keep it in a safe location with your other documentation methods, such as pictures of your home. Your insurance company may also require that you submit copies of documentation with them, so make sure to send in proof of purchase.
Allison works with RentersInsurance.org, where you can go to learn more about when and how to purchase renters insurance.
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