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Ideas to value your contents for renters insurance

08/08/2018

When it comes to renters insurance, knowing what you’re insuring is easy. Your stuff. The hard part comes when trying to figure out how much protection you need.

Picking the right amount of renters insurance

Insurers aren’t going to pay a claim without some sort of proof that you owned the items you’re claiming for. For example, if you had your iPhone 7 stolen, they’ll give you what an iPhone 7 was worth, not what an iPhone X is worth. They also don’t really care about sentimental value. Sure Granny Addison may have made you that sweet doona draped on your bed, but it’s only worth what you could buy a new blanket for. Not the tears if you were to lose it in a fire.

When it comes to contents insurance, you want to pick an amount of cover that truly represents your belongings. You may think why do I need an exact dollar amount? Or, I’ll just pick a high amount to get newer and better stuff. Sure, that sounds good. It isn’t. Choose too much cover and you’ll pay too much in premium. Choose not enough cover (i.e. underinsure) and you’ll be out of pocket when disaster strikes and you need to claim.

Okay, so now you’re asking, how do I value all of my belongings?

Now, this may take a bit of time, but it’s totally worth it. Maybe invite a mate over to help and make it fun. There are several ways you can figure out how much the contents of your home are worth. You can make a list of the items in each room, then go back and value those items. Basically, shop for that item online, once you find the cost of replacement; put the value next to the item. Granted, this is probably the most time-consuming way, and then you have to find a safe place to keep the inventory. So you’d best have a great mate over or make it incredibly good fun! A simpler and quicker way for you to keep your home inventory is with an app. There are plenty to choose from for both iPhone and Android systems.

Depending on the app you can do the following things:

• Catalogue all your belongings
• Add essential details of your insurance policy
• View as a detailed list or summary
• Create a document to send to your insurance company during a claim
• Add and store photos of your contents

An app that’s intuitive and easy to use is My eVault. It takes the guesswork out of how much you own and what it’s worth. You can catalogue your items quickly and easily – and have all your assets at your fingertips.

Benefits of using home inventory apps

Using a home contents inventory makes keeping track of what’s in your home much easier. This is fantastic for assessing the amount of cover you need. And, in the case of a loss such as a burglary or fire, it’ll help you claim on your renters insurance.

When you have all the information about your stuff in one place, it helps an insurer settle your claim quicker. A faster claim payment means you can get your life back to normal quicker.

Suresy makes it easy to protect the things that are important to you. We represent ‘insurance made easy,’ and that’s what we hope to do for WA residents. So make space on your home page to add a new app and start your online quote now.