I've been in my apartment for about a year and realized that it might be a good idea to have some renter's insurance. There's one problem, though, that I'm sure some of you have had. Based on my research, it sounds like I should make a record of all my major possessions, including the purchase price and receipt, if available, so that if I need to make a claim, I can document the value of my belongings.
Here's the issue: most of my big ticket items were super cheap (thrift store, flea market, Craigslist) or free (gifts, leftover from previous roommates, salvaged from dumpsters or bulk trash pickups). This means that I would need to report an insignificant or nonexistent purchase price, and I have almost no receipts. I'm afraid that if I need to make a claim, my insurance policy would pay almost nothing since I did the same, even though my items still have some value.
I could technically replace all my stuff fairly cheaply, but acquiring stuff cheap/free takes time: you can't just walk into a thrift store and expect them to have everything you need at a decent price, and finding/being gifted things is all a matter of chance. It may take months to get back everything I once had in this manner.
If I need to make a claim, would I be able to get any significant amount of money to buy replacement stuff? Or do I just need to save the money I would spend on the premium and hope that one of my neighbors doesn't accidentally burn down the whole complex?