How to Insure Your Belongings

It doesn’t matter how little or how much you own. Once you’re established and on your own, you need to insure your belonging. This can be done through a single insurance company or agent or through separate companies if the price and need warrants the diversity. Here’s how to insure your belonging.

Your Home

If you own your own home, you need home insurance. This will include some natural disasters such as fire, but you may need separate insurance for flooding, wind and hail damage. Your home is your most expensive and valuable possession, it should be insured first. Home owners insurance should also include all possessions within the home, so be sure to list and photograph all items should you need to file a claim. Also be sure you have enough property insurance to cover the replacement costs of everything should something terrible happen.

Your Car

Car insurance covers you in case of an accident or theft. You can set your limits and deductible at various rates, but be sure you meet at least the minimum requirements for your state or area. Strongly consider adding uninsured or underinsured motorist coverage in case you are involved in an accident with an individual without insurance. If you have a new car or one that has payments higher than the vehicle is worth, you might also consider gap insurance to cover the difference in your loan and the insured value should the car become totaled.

Renters Insurance

If you don’t own your own home, you still need to insure your possessions. Most insurance companies offer renters insurance which insures just the property inside the apartment. Should a theft or natural disaster occur that damages your apartment and your belongings inside, the renters insurance should be enough to cover replacing those items.

Collectibles Insurance

If you collect items, especially antiques or other items of value, you should insure those collections. The same is true if you own antique cars or motorcycles, even if they aren’t driven.

Jewelry Insurance

Jewelry over a certain value – and you determine that value – should be insured. Jewelry retailers or your traditional insurance provided can help determine the best policy to cover expensive jewelry. This same insurance can cover other expensive items such as coins, collectibles and investment grade antiques.

Item Insurance

Many items such as appliance and electronics offer an insurance policy with purchase. Determine if the policy is worth the cost of replacing or repairing the item should it break. Also be sure to consider any manufacturer warranty.

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