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    How to Calculate How Much Contents Coverage You Need

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    It can be difficult to estimate how much contents coverage will protect your belongings. Use our guide as an insurance calculator to figure out the worth of your possessions.

    Have you ever wondered how much your stuff is worth? It’s a good question to ask, especially if you’re thinking about getting contents insurance. After all, you want to make sure you have enough coverage to protect all your belongings in case of an emergency.But how do you figure out the value of everything you own? Read on for some tips on calculating the worth of your possessions.

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    Make a List of Everything in Your House That You Want to Insure

    Making sure you’re fully covered when it comes to insuring your home and its contents is an important step in the financial health of your family. To make sure that you have the right kind of policy that covers all of your belongings, it’s essential to keep a detailed list of everything in your house that needs to be insured.Whether you’re in a single bedroom rental unit, a mid-sized apartment or condo, or you have a whole household’s worth of furniture and appliances, start by making a room-by-room list and write down every item. Include large items like sofas, tables, beds as well as smaller objects like lamps, vases, electronics and even artwork on the wall — all of these should be taken into consideration when assessing how much coverage you’ll need.Setting aside some time to create this comprehensive inventory will return peace-of-mind knowing that if something happens, you know exactly what needs to be replaced or fixed.

    Find the Replacement Value of Each Item on Your List – This Is What It Would Cost to Replace the Item if It Were Lost or Damaged

    Figuring out the relative worth of the contents in your home can seem like a daunting task, especially when it comes to totalling up the amount of insurance coverage you’ll need. The best way to approach it is to make a list of all the items you want covered, then assign each item a replacement value.This is the amount it would cost if the item were lost or damaged and needed replacing — not necessarily what you paid for it commercially or at sale prices. Research online, try looking up similar items on eBay, and factor in wear and tear as well as potential increases if items were hard to source. It pays to be meticulous here as nobody wants to be underinsured, so take care when completing this step.

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    Add up the Replacement Values of All the Items on Your List to Get Your Total Contents Insurance Coverage Amount

    Before you can determine the amount of content insurance coverage you should have, it’s wise to take a look through your home to find out just exactly what items you’ll need to insure. Make a list and notate each item and its estimated worth. Don’t underestimate — in case of an emergency, you want enough coverage to be able to replace everything you own.Your insurer may also give you rough guidelines on how much your personal belongings are worth. Once you’ve tallied up your estimated replacement values for all the items on your list, you’ll have a good idea of the total amount of content insurance coverage needed, and peace of mind that all your hard-earned possessions will be taken care of if something goes wrong.

    Compare This Number to the Coverage Amount Offered by Your Contents Insurance Policy to Make Sure You’re Adequately Covered

    Knowing the worth of what you own is an important step in determining your contents insurance coverage needs. After you’ve calculated the value of your items, compare this number to your insurance policy’s coverage amount. This is a great way to make sure that all of your things are adequately covered in the event of a theft or disaster.You want to be sure that you’ll have enough money coming back from insurance claims should disaster strike, and researching the value of each item is the best way to ensure that you can get everything back with prices adjusted for inflation.

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    Get no-nonsense coverage that's the best value for your money. Purchase policies from your computer or phone, receive your documents instantly, and save when you buy online.

    If You’re Not Adequately Covered, Consider Increasing Your Coverage or Finding a New Insurer

    When it comes to contents insurance, knowing how much coverage is necessary can make a huge difference. It’s not difficult to understand the process of working out the value of all that you own, but it can take some time to do.If you don’t have adequate coverage or feel like you may need more, consider looking into increasing your existing coverage or even seeking out a different insurer who may be able to provide better protection for what you have. Taking steps now to ensure that you’re properly covered will save you worry further down the road.

    Understand the importance of Contents Coverage

    Tenant insurance covers you in the event of unforeseen events, providing priceless protection for your home. Having the proper amount of contents insurance is a vital part of your coverage, as it provides peace of mind that if anything were to happen to any of your belongings — such as theft or damage caused by a disaster — you’ll be able to replace them.Without adequate coverage, you may be left without the means to replace your items. Knowing how much content insurance coverage you need can help you find the best policy for your needs and ensure that all of your belongings are covered in case of an emergency. With contents insurance, you can rest easy knowing that all of your possessions are taken care of no matter what life throws your way.

    APOLLO Insurance is here to help with simple solutions designed to get you the coverage you need, when you need it. Get a free tenant insurance quote in less than five minutes and your new policy will get delivered straight into your inbox.

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    Get no-nonsense coverage that's the best value for your money. Purchase in less than a minute, receive your policy instantly, and save when you buy online.

    Originally published January 30, 2023, updated September 5, 2023

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    Get no-nonsense coverage that's the best value for your money. Purchase policies from your computer or phone, receive your documents instantly, and save when you buy online.

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