Do I need to update my renters insurance policy if I acquire new belongings?

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If you acquire new assets after you've purchased a renters insurance policy, you don't have to buy more coverage or change your policy. But there are some cases where you might want to, for example if your new assets are subject to dollar limits under your current policy, or if you just don't feel you have enough coverage anymore.

One thing is certain: you should immediately update your inventory records to include the new items, and be sure to include photos as well as any serial numbers, receipts, or appraisal reports.