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Does Your Homeowner’s Insurance Offer Enough Coverage?

Housing market riskIn the event of a major incident involving your home, such as a fire or other natural disaster, you will be worried about more than just the house itself. If an event is significant enough to partially or completely destroy your home, odds are good that you’ve lost a considerable amount of your personal possessions as well. Luckily, most homeowner’s insurance policies do cover “contents” of your home, at least to some extent.

Check your policy. It’s a good idea to regularly review your insurance policies anyway, but most people don’t even know how much contents coverage they have. So, if you’re concerned about your level of coverage, call us and ask.

Ask yourself if that’s really enough. If you own particularly expensive items, such as artwork or a collection of antiques, you might consider increasing your insurance coverage. In some cases it makes sense to purchase a separate policy for high-priced collectibles.

Walk through your home with a video camera. The easiest way to document your home’s contents is to walk through the house while taking video. Remember to open drawers, closets, jewelry boxes, gun safes, or anything else that might be hiding valuables. Store this video somewhere secure, either by uploading it to a private cloud server or placing a copy in a fireproof box. It’s preferable to keep two copies, actually.

Keep receipts for big-ticket items. In the event that you need to make a claim, it can sometimes be difficult to pin down the cost of certain belongings. Keeping receipts for large purchases (in a fireproof box, of course) is a good way to keep track of each item’s value.

Make sure you understand you need a separate policy for that.

If you have any questions about your homeowner’s insurance policy, or concerns about coverage for your personal possessions, give us a call. We can discuss your needs in more detail and make recommendations to keep your valuables protected.