Find out what your insurance policy already covers.
Are you covered, do you have a limit; is it "actual cash value" coverage or "replacement cost" coverage? Talk with your agent to see if your purchase would exceed the conditions of your threshold of coverage.
Make sure that you know your situation and don't spend more than you need to on your insurance as well.
If you are a renter and do not have a renters insurance policy, now might be a great time to look into it.
While your landlord has coverage for "structural damage", your personal belongings are not covered.
The additional $15- 20 a month might be worth it.
Understand the difference between insurance and warranties.
A manufacturers warranty offers a guarantee to the quality or performance of a product for a certain amount of time.
While a warranty is great for repairs and convenience it will not replace the product like insurance would should it be stolen or damaged due to fire.
Last, keep a record of your home inventory.
Make a list of all valuables in your household including make, model, serial number and receipts if possible.
Over time, the list will change as items are added and deleted.
This is a great tool when speaking with your insurance agent to insure that you have the proper amount of coverage.
It will also help should you have to file a claim.
Insurance is a contract; a promise to pay should something happen to property that you have spent your money on and losebecause of an insurable risk.
Take care of whats yours; call your agent today.