Nov 20
Another Look at Homeowner’s Insurance
If you have been doing some remodeling or had anyone move into your home with a lot of possessions – or out, for that matter – then you should be contacting your insurance agent or company to update your coverage. It ought to be an annual practice.
Most insurers provide 50 percent to 75 percent of the amount of insurance on their house for personal possessions, but often that’s not enough to cover what you really have in the house. Insurance specialists suggest you conduct a thorough inventory of your major items, including receipts, serial numbers and purchase prices. The Insurance Information Institute has free software to help you take that inventory on a computer.
Everyone has a different tolerance level of how much effort they’re willing to put into a home inventory and it’s a chore any way you go about it. Another suggestion is a video tape with audio commentary on item cost. If you are in a situation where everything is totaled, it probably would have been worth the time to do it.
More after the jump…
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