Do we need to have receipts for everything to get renters insurance?
My partner and I are interested in getting renters insurance for our new place. We want to make sure all of our personal property is covered. However, the majority of our belongings we've had for a while and we no longer have the receipts for them. How do we prove their value to the insurance company?
-Anxious in Arizona
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, so creating a detailed home inventory will help you make sure nothing is left out. In the event of a claim, the adjuster is going to 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.