Question

Do we have to have receipts for everything in our home when getting renters insurance?

We are looking to get renters insurance and the majority of our belongings we've had for a while and we no longer have the receipts for them.

Jan 17, 2020 Buckeye, AZ

Answer
Kristine Lee

Jan 17, 2020

Fortunately, you do not need to keep receipts of everything you own, but it does help to have a record just in case. Most people tend to underestimate how much they have. In the event of a claim, the adjuster is going to go down a list and ask what needs to be replaced, so having a written record along with some photos or videos will help.

 

Definitely consider opting for replacement cost in your renters policy, as the default is actual cash value, which may not be enough to cover the full amount to replace your personal property. It costs a few more dollars but is well worth it.

 

If you have any questions, feel free to ask.


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