Will renters insurance pay entire $50k amount or for just what I have proof of?

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Mar 11, 2013

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Insurance Question from Bethel, WA

Asked on 03/11/2013

Will renters insurance pay entire $50k amount or for just what I have proof of? I have a renters insurance policy. I have a $50k replacement value policy. I started going thru my stuff and I don't have quite that much. I also don't have receipts for a lot of the stuff. I am new at this and most of my stuff is from my mom or grandparents.

Answer given on March 12, 2013

If you have a renters policy, the coverage for your personal property will pay for the repair or replacement of the property you have. You will be expected to provide a list of the items that were damaged, and the adjuster will pay for the replacement of these items. If you do not have receipts it does not mean the adjuster will not pay you for the damages to that property. However, if you can provide a description of the things it will help the adjuster come up with values for the property. If the items were gifts from your relatives they may be able to help you come up with descriptions of the property.The policy will not automatically pay you for the total value of the policy. Your list of property will help determine the value of the property lost or damages and the insurance company will pay for that amount, less your deductible. The adjuster should explain how this all works so that you understand the claims process.

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