If you have some high-end possessions, buying a replacement value policy may be the best decision.For example, if your four-year old television is lost in a fire, you’re covered for what it would cost to buy another four-year old television rather than what it would cost to replace it with a new one. Choosing actual cash value means you’re covered for the lost item’s current value.Choosing replacement value may cost you a bit more in premium payments but in the event of a covered loss, you’ll be able to cover the cost to replace your items with comparable new ones. Then, decide if you want coverage to replace items at current market value or their actual cash value.This will give you a good starting point to understand how much coverage you will need. When possible, include a brand name and serial number for each item, along with what you paid. Take an inventory of the items you own that are in your home or apartment. A good first step in shopping for renters insurance is to determine the value of your possessions.Navigating Your Business Through COVID-19.
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