Do I need to take photos of high-value items when I'm applying for renters insurance? If so, how detailed do the photos have to be?
"I own a bunch of collectible comics and figurines that are worth five figures. If I want to insure them using a renters policy, do I need to photograph them?"
“It is always a good idea to have your own documentation of big-ticket items so that you know what you have in the home. If you have replacement cost coverage on your policy, typically the insurance company will not require you to provide pictures and will take your word for what you have in the home, unless they have reason to believe otherwise.
However, if you do not have replacement cost coverage on your policy, you may be required to provide a substantial amount of documentation. Without replacement cost coverage, you will instead have actual cash value coverage, meaning the insurance company will subtract any potential depreciation from your property based on age and other factors. They could potentially require you to provide receipts showing when you purchased the items, or even pictures showing what state the items were in before the loss.
If you are unsure of your coverage and your needs as a renter, it is always a good idea to talk to your insurance agent.”
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