Renters insurance is a great thing for anyone renting an apartment or house-to-own. But as with all types of insurance, the hope with renters insurance is that you don’t ever have to use it. For reasons outside of your control, of course, that isn’t always possible. Just as with car insurance or health insurance, sometimes unfortunate things crop up, and you’ll need to use your renters insurance.
Renters insurance covers three areas. The first is personal property—renters insurance will cover the replacement or repair of items you own and store in your home if they’re damaged in a disaster or by a vandal, or stolen by a thief. This includes times when the items aren’t even in your home. The second is personal liability—your policy will help cover you if you or someone else is injured while in your home. And the third is additional living expenses—your renters insurance will help pay for a living situation while your home is repaired.
If you have to use your renters insurance, you’ll need to file a claim with your renters insurance company. Filing a claim is a relatively straightforward process, but it can be confusing with renters insurance because items with unknown price tags may have to be replaced. So, if that happens, do you need receipts when filing? Read on to find out.
Do you need receipts to file a renters insurance claim?
No, you do not need receipts to file a renters insurance claim. With or without the receipts from purchasing (or modifying) your possessions, you can file a claim if something happens in your home. With that said, having receipts makes the process a lot easier and more successful.
If, for instance, your fancy silverware is stolen and you can prove how much it cost, the claims process will be easier, and you’re more likely to get a full payout from your insurer. If you don’t have the receipts it may take longer, and you may not get quite as much money, but you’ll still be covered.
What is the claims process like if you have receipts?
The claims process if you have receipts is very simple. When you’re filling out a claim, just include all the receipts you have for the items that were damaged, ruined, or stolen. Your insurance company will review your claim, as well as the receipts, to determine a payout.
What is the claims process like if you don’t have receipts?
It’s OK if you don’t have receipts when filing a claim; just be honest. When filling out the claim, list everything that was damaged, ruined, or stolen, with as much additional information you have, including when they were purchased, and details of the products. You’ll then work with a claims adjuster, who will attempt to approximate the value of your items that are being covered under the policy.
How to make the claims process easier if you don’t have receipts
The best way to make the renters insurance claims process easier is to document everything that you own. When you begin a renters insurance policy, you should list all of your valuable items, with as much detail as you have. You should be able to make an appointment with your insurer to do that at any time.
It’s also a good idea to take pictures of items as you acquire them, especially if you can include a timestamp. That will allow you to show evidence of what you own to your insurance company.
Most people don’t hang onto their receipts, and that’s OK. Keeping your receipts makes filing a renters insurance claim easier, but it’s not necessary.