Let's talk about doing a home inventory.
Your personal belongings - your furniture, clothes, appliances, gym equipment and other items are covered if they are stolen or destroyed by fire or other insured disaster. Most companies provide coverage for 50 to 70% of the amount of insurance you have on the structure of your home.
How do you know if that is that going to be enough? The best way to determine what coverage you need is to do home inventory.
If a disaster struck tomorrow, would you be able to remember ALL the possessions you have accumulated over the years? Probably not, so start by making a list of your major possessions, describe them noting where it was purchased and make and model if applicable.
It is a great idea for you to go through your house taking pictures or video of everythinng - don't forget the contents of drawers and closets! Lastly, make sure to store your list somewhere else - a safety deposit box, a friend's house, just not in your home.
Also, keep in mind that almost all policies have dollar limits on your jewelry, art, guns and high dollar items, so you should consider getting a special personal property endorsement or floater and insure these items for their appraised value.
Check out Know Your Stuff, a free home inventory software provided by the Insurance Information Institute.
Why doing a home inventory is a great idea.
Written by Sullivan Insurance Agency on Jun 28, 2014