Many homeowners policies have the standard percentage of coverage for “your stuff” or “everything that’s not nailed down” coverage also known as personal property.
Without a close look and valuation of your personal property, you may think you’ve got plenty of coverage. But you may not. In the event of a total loss like a tornado or fire, you would have to replace everything right down to socks in the sock drawer or laundry basket with brand new items. You can’t replace them over time or wait for sale prices. You may be surprised at the replacement cost value when you add up the value of all of your personal property. The point of insuring it is to make sure you’ve got more than enough.
Professionals at Axcess Insurance suggest clients, whether they are commercial or personal customers, break out the iPad or digital camera. Spring is a great time of year for this task. Take pictures or record a movie of all of your open closets, drawers and rooms. If you ever have a loss, you will be required to make a list of each and every item at the time of loss. It’s much easier to remember the smaller items with a memory-jogging photo of that lost pieces or items you may forget otherwise and those items add up to loads of money in a settlement.
Save a copy of your personal property photos or video at a relative’s home, safe deposit box or cloud storage. Or file a copy with your friendly insurance agent.
Just to be sure.