How to Determine the Contents of Your House for Insurance
When you are seeking homeowners insurance, it is a good idea to keep a detailed record of the contents in your home. If you have to file a claim, this information will come in handy when the claims adjuster is doing the investigation. The better your records are, the less likelihood that an error will occur when you file a claim. Keep your records with your other important papers. Filing a claim will be more efficient and effective when you have this information on hand.
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Instructions
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Determine your contents. You should make a written or photo inventory of all the contents within your home. When you have a list of all your items, it helps you keep track of everything in your home. If you have to file a claim, the information will be right at your fingertips. You can keep an extra copy and turn one copy over to the claims adjuster if it is needed. If you are keeping a photo inventory, it would be wise to time and date stamp them.
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Make a record of all of your receipts. If you have receipts for major purchases, you should keep track of them. It would be a good idea to scan these items electronically because they have a tendency to yellow and wear out. Scanning them makes sure you have this information available when you need it. Having the receipts available can also help you determine the true value of your assets.
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Assign a value to every item on your list. Use your receipts to establish the fair market value of every item on your list. This list will help you when it is time to get insurance coverage. Some insurance companies will provide insurance on your personal contents based on a percentage of the dwelling coverage. If a home is insured for $250,000, they may insure your personal property for 50 to 70 percent of the dwelling coverage. You will be able to determine if you have enough insurance based the insurance they provide and the fair market value of your contents.
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Account for your collectibles and valuables. Make sure you include any collectibles like rare coin collections, baseball cards, art, bank notes, and gold. You may have to have these items appraised to determine their true fair market value. Your typical insurance company will only cover items such as for a minimal amount such as $200 even though the value is far greater. To adequately insure these items, you may need to contact an insurance company that insures specialty items.
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