Renters Insurance + Finding out you paid too much

By | September 12, 2009

Renters Insurance  Finding out you paid too muchI’m moving. What to keep? What to give away?

For what I keep, I’m getting renters insurance.

(Just putting the words “insurance” or “mortgage”  in a post on your blog is like putting a plate of raw meat out for spam bots, so I’m sure this post will be flooded with comment spam, but I still think this is an important topic.)

I found a policy at Farmers Insurance for $500,000 of personal liability and $100,000 personal property coverage with a $1000 deductible for under $250/year.  ( When you buy Insurance be sure to get “the declarations page”. This explains what they really cover. Are there limits they cover for certain kinds of items, for example?)

Looking at the details is the only way to know if you are getting a good deal.

I should shop around, because as I now inventory my crap and find out how much it is worth, I see I’ve made some really terrible purchases. I’ve been ripped off for hundreds of dollars because I did not look up the price on line.

Anyway, do I need $25K, $50K or $100K coverage? could I have actually accumulated $100,000 worth of stuff?   They say it is possible.

Once I have sorted out what to keep, I’ll calculate the worth of my personal treasures. Have you ever done this?

I’ve known people who live out of a single suitcase while others have quite a collection of stuff. Here is how I’m breaking mine down. (Isn’t it interesting what “stuff” other people have?)

  • Art Supplies
  • Bathroom / Cleaning Supplies
  • Books/CDs/DVDs
  • Camping Gear
  • Cash/Rare Coins/Stamps/Archaeological treasures
  • Clothes/Shoes
  • Computer Equipment
  • Decorations/Statues/Paintings/Frames
  • Electronics
  • Furniture
  • Guns/Amo/Swords/Body Armor/Security Systems
  • House Plants/Garden Supplies
  • Kitchen appliances
  • Kitchenware
  • Lamps
  • Major Appliances
  • Medicines/Vitamins
  • Music Equipment
  • Musical Instruments
  • Office Supplies
  • Rugs/Curtains/Linens
  • Software
  • Tools
  • Toys/Gadgets/Sports Equipment/Weights

How do you decide what to keep? What if I need that _____ someday even though I have not used it for two years?

To calculate your values, I recommend using a spreadsheet. If you don’t already have one, get OpenOffice (free). OO  includes free  software similar to Microsoft Word, Excel, PowerPoint, etc.

2 thoughts on “Renters Insurance + Finding out you paid too much

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