htowninsomniac
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You have to give information about where your apartment is located, so that might influence the premium based on the crime rate in your neighborhood. You also have to say how old your building is, how many stories it has, and what kind of material was used. This is done to determine the fire risk, for example.
As to the value of your property, you need to figure that out yourself, because you pick for how much you want your property to be insured, e.g. $30,000. When something happens to your property, you prove to the insurance company that you owned something before, and then you will get reimbursed, either for how much the item was still worth (less money as things get older) or how much it will cost you to replace it. There might be a deductible, i.e. you may have to pay the first $200 or so of the damage yourself. Then the insurance will pay the rest, up to the insured amount, e.g. $30,000. The higher your coverage, the more you pay as premium.
You don't have to prove that you actually own $30,000 worth of property when you get insured -- getting more insurance coverage than you need will only make the insurance company happy. But you will have to prove ownership when you file a claim, so you should save the receipts of important and expensive items, and you should take pictures of everything you own. Before you get insurance coverage, make a list of everything, and estimate how much everything is worth. Put the list, the pictures and the receipts away at a safe place, your bank or a fire- and water-proof safe. The list will help you figure out how much coverage you need. |
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