It’s amazing how often we do stories about apartment fires and then do a follow-up because so few tenants had renter’s insurance. It costs around $200 a year and will provide $20,000 in coverage. It shouldn’t even be an option if you are a renter. You don’t have a choice as a homeowner with a mortgage, and you shouldn’t have a choice as a renter.
If you needed to file a claim, would you know the value of items in your home and would you be able to recall everything? Most people may think they could answer that question, but I’ll bet most people would leave a lot of things off the list. Plus, would you know the serial numbers? Those are key to tracking your goods especially if your items are stolen.
The Insurance Information Institute (III) has free software to help you keep track of what’s in your home. It’s called, “Know Your Stuff.” The software prompts you for the make, model, and place of purchase and allows you to include receipts, photos, and appraisals. You should also add the serial numbers.
The information is stored in the III secure database. Then you can access the information when you need it.
This software is a good tool because it means your information is located in an independent location in case of fire or burglary. You dont’ have to worry about the information being stolen or burned.
As a backup, you may want to take a video of your home just in case.
Spending an hour putting this together can save you time and money when you have a disaster strike close to home.