Most of us have first hand experience with a friend or acquaintance who has suffered a significant loss to either their property or their possessions.
To protect yourself, keep your home insurance policy up to date, and make sure it reflects the real replacement cost of your home. This reduces your risk and stress in case a disaster takes place. It would be extremely stressful to not have adequate insurance for all of that loss. The minimal cost of insurance makes it worth getting proper coverage.
List Your Belongings
The contents of a home are often underestimated by people. If you do not have an up-to-date inventory of your belongings, there is a good chance that it would be difficult for you to remember exactly what is missing after a disaster. A home inventory is an excellent way to expedite the insurance claims process after theft, damage, or loss. This record of your insurable assets will not only help you in the settlement of a covered loss or claim, but will also help verify tax-deductible property losses and determine the right amount of insurance coverage you need.
A home inventory list that is comprehensive will catalog all of your possessions and include a description of each item (with the make, model, and serial number if applicable), value, and purchase date. Show proof of ownership with a visual record of your possessions. This can be accomplished with a video walk-through of your home or through a series of photographs.
Do An Annual Policy Review
Examine the details of your home insurance policy every year to determine if you need to make some changes. Your policy can be affected by an upgrade to your residence, so run it by your agent. Make it easier to get proper insurance coverage by having a frank discussion with your insurance agent. But don't rush through it. Pose questions. Get involved. You'll be glad you took the extra time if you ever need it.
Don't forget that the cost of building a home always rises, and is set by the market. This is why you should review this annually. The full replacement value of your home is more likely to be covered if you do this. The replacement cost and relevant construction costs and building material prices should be considered in this calculation; it is not the market value of your house that you are insuring.
Get The Right Policy For You
Coverage designed to cover most losses is called a comprehensive policy. Watch for noted exclusions though. Normally, maintenance wear on a home is excluded from these policies. As well, acts of terrorism and war are also excluded. By and large, comprehensive home insurance offers the best coverage.
Available Discounts
A discount will probably be available if you have a monitored alarm by an approved provider. Raising your deductible also decreases your premiums.
To protect yourself, keep your home insurance policy up to date, and make sure it reflects the real replacement cost of your home. This reduces your risk and stress in case a disaster takes place. It would be extremely stressful to not have adequate insurance for all of that loss. The minimal cost of insurance makes it worth getting proper coverage.
List Your Belongings
The contents of a home are often underestimated by people. If you do not have an up-to-date inventory of your belongings, there is a good chance that it would be difficult for you to remember exactly what is missing after a disaster. A home inventory is an excellent way to expedite the insurance claims process after theft, damage, or loss. This record of your insurable assets will not only help you in the settlement of a covered loss or claim, but will also help verify tax-deductible property losses and determine the right amount of insurance coverage you need.
A home inventory list that is comprehensive will catalog all of your possessions and include a description of each item (with the make, model, and serial number if applicable), value, and purchase date. Show proof of ownership with a visual record of your possessions. This can be accomplished with a video walk-through of your home or through a series of photographs.
Do An Annual Policy Review
Examine the details of your home insurance policy every year to determine if you need to make some changes. Your policy can be affected by an upgrade to your residence, so run it by your agent. Make it easier to get proper insurance coverage by having a frank discussion with your insurance agent. But don't rush through it. Pose questions. Get involved. You'll be glad you took the extra time if you ever need it.
Don't forget that the cost of building a home always rises, and is set by the market. This is why you should review this annually. The full replacement value of your home is more likely to be covered if you do this. The replacement cost and relevant construction costs and building material prices should be considered in this calculation; it is not the market value of your house that you are insuring.
Get The Right Policy For You
Coverage designed to cover most losses is called a comprehensive policy. Watch for noted exclusions though. Normally, maintenance wear on a home is excluded from these policies. As well, acts of terrorism and war are also excluded. By and large, comprehensive home insurance offers the best coverage.
Available Discounts
A discount will probably be available if you have a monitored alarm by an approved provider. Raising your deductible also decreases your premiums.
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