How much contents insurance do I need?
I am 23 moving into a small condo alone. It is 1 bedroom, 1 bath, small dining room, kitchen, and family room. Brand new everything (floors, carpet, washer, dryer, all kitchen appliances). Normal furniture that most woudl have. Is 20,000 enough?
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How much would it cost to replace everything you own? That will determine how much coverage you need. You also need replacement coverage which will give you what it actually cost to replace the items, not what they're worth.
Also, do you rent or own? That is two separate policies. Contents, or renter's, insurance won't cover the floors or carpet and won't cover the appliances if they're not yours. If you own you'll need coverage to replace not only the floor and carpets but also the interior walls and ceiling.
Many auto insurance companies also have renter's and condo owner's insurance so the best place to start is with your auto insurance agent. You will get a discount on your auto insurance which may more than pay for the renter's policy and will help pay for the condo owner's policy.
To be properly covered you need to value all the contents accurately. Normally a contents insurance will have a set amount, like £100k.
It probably won't matter but say you had a fire and everyhing was destroyed, the insurance company might wriggle out of it if they could show you wer under-insured. If you want to save money take a chance. If you were robbed what would someone steal? Not the carpets! Your only worry is fire, or flooding. Unless you pay extra you won't get accidental damage cover, possessions away from the house, new for old etc.
If you can replace everything for $20,000, then $20,000 is enough. No one here knows what kind of stuff you have, or how much it would be to replace it.
Sorry, this is something you'll have to guess about on your own!
Get a rough idea how much it would cost to replace everything and add on a few hundred to allow for cost of living price increases.
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