If you have a homeowners, renters, or condo insurance, you almost definitely have coverage for your personal possessions within your home. This coverage will protect everything within your home that could potentially be lost to fire, theft, vandalism, and certain kinds of water damage. Coverage differs from policy to policy, so please be sure to ask your agent on the specifics. Here is how this coverage was described to me (I feel like it’s the best way to explain): Imagine your house was a dollhouse, someone picked it up, turned it upside down, and everything that falls out would be covered by this particular coverage. This includes appliances, furniture, electronics, clothing, etc.
This is a great coverage, and any of the agents here could tell you story upon story of circumstances where this feature became crucial, but before you ask them to start spinning their tales, it is a good idea to go ahead and take stock of your belongings and their worth.
There are several ways to do this accurately. Many agents recommend taking pictures of each of your belongings and writing down how much you think each item is worth. Video recordings of your household items are good as well. There are, however, even easier ways to inventory your possessions thanks to the resources made available on the internet. Knowyourstuff.org is a convenient website that does all of the hard work for you. You are able to enter your belongings room by room, until you have an accurate list of everything within your home. If this is still too complicated and a daunting task to consider documenting everything you own, there are multiple companies that will come and do the inventory for you for a small fee. Servpro is one such company offering services in this area. Foremost, one of the carriers we offer here at Alandale, has multiple useful tips we found to be helpful. They recommend your inventory includes the following:
- The room in your house in which each item is located
- Item quantity
- Item description
- Where the item was purchased (both store and city)
- When the item was purchased
- And the cost to repair or replace your item
Your insurance agent will ask you to provide such a record in the event of the claim and the more details you make available the better. Also be sure to have more than one copy of your inventory (whether you choose to complete your inventory online or otherwise) in multiple locations in order to insure your access to it in the event of fire or water damage.
After your inventory is complete, it would be good to go over your list of items with your agent to discuss coverage. If you have pieces of jewelry of significant value, it is especially important to discuss this with your agent. Depending on your policy with its current coverage, there is a cap to the amount of personal property that will be covered in the event of a claim. If you have an item of particular worth that exceeds this cap, it is important to add this item to your policy with its own coverage. We call this scheduling an item. It’s very important to discuss all of the coverages on your policy in detail with your agent, and any of the agents here would be happy to assist you.
Hopefully this article was informative and helpful in shedding light on the importance of taking inventory of your possessions. If you need any additional help or if you have any questions about your coverage, contact us today! We’re ready to help in whatever way we can.