Do you insure your car against a falling tree ? Are your precious jewels insured ? I am sure you can see my next question coming – Do you have adequate insurance coverage for your personal property ?
Tips for protecting your valuable personal property.
1) Revisit your coverage limits on normal household contents. Make sure your coverage is enough. Check defined areas of limits or exclusions in your “normal” household insurance. List areas where you may not have any or enough coverage. Total those up and decide if you wish to remain uninsured or self-insured in those categories. If neither of those answers are okay, then you will need to address the problem. More coverage and/or appraisal services may be necessary to fully cover all valuable personal property assets.
2) Have you recently acquired new contents via an inheritance or large purchase? Check your riders or marine inland insurance policies. The time for updates or adding a new rider may have arrived. You will need an appraisal to get a rider.
3) Do you have an inventory of all the belongings in your home ? Most people think they will be able to rely on their memory. Try this test. Walk into a room in your home. Spend a few minutes in the room, absorbing the contents. In the next day or two, make a list of the contents. Included what is in the cabinets or drawers. Usually people will leave out many items. Remember, if you have a loss you will be under duress and this task could be daunting. Check back, I plan to have some content in the near future about doing a through inventory.
4) It is your responsibility, as the insured, in the event of a loss to provide three pieces of information to the insurance company. This vital information includes: proof that you owned the item, description/identity of what you own, and the value of the item. Your accuracy, in recalling this vital information, determines your reimbursement amounts.
5) If you rent, then you should consider renter’s insurance. Be sure to check the limits. Determine if you have certain categories: art, silver, or antiques where coverage is minimal or lacking. Inquire how the insurance company handles high value categories. Make sure you have recorded the vital information outlined above. Get more coverage if you can’t afford to lose or replace the items.
6) Picture and video documentation are important. Store these off-site with other important documents.
7) Do you have appraisals on valuable personal property ? If so, make sure they are current. The insurance industry recommends updates every 3-5 years.
Contact us if we can help you with the process.