A separate insurance policy is needed to protect your car, van or motorcycle. Your inventory will help ensure that you purchase the right amount of insurance - not too much or too little. Also, an inventory will help make filing a claim easier. Your policy can insure possessions one of two ways - for either the cash or the replacement value. Cash value coverage takes into account the age and condition of items at the time of damage or loss.
Replacement value pays today's cost of a new item.
Replacement value policies tend to cost more, and there may be other requirements as well. The lower the deductible, the more the policy will cost you. You also may be eligible for discounts if your apartment or home has a security system, smoke detectors, or deadbolt locks. Additional discounts may be available depending on your age or whether you are a nonsmoker. Examine as many options as possible.