You either wait anxiously for the clock to strike midnight or you wait until New Year’s Day to celebrate. No matter which way you bring in the New Year, you’re pretty much excited about starting fresh. Maybe this year is going to be the year you finally lose those unwanted pounds. Or stick to your workout plan. Maybe this year you will stay organized, ask for that raise, or finally take that dream trip. Starting the year with a goal is always a good thing.
It’s also always a good resolution to become more organized. Imagine knowing exactly where everything is all the time. NO more lost keys or phones. You know exactly where your receipts are, and all your insurance policies are in order. It feels so good. BUT, you may have your insurance policies in order, but do you know exactly what your coverages are? Has anything changed during the year that may need adjusted? This is where the experts at City Wide insurance come into play.
If you have your insurance with us already, let’s plan to set aside some time to meet and go over your coverages and policies together. Let us suggest additional options or a possible reduction in coverage.
We want you to have exactly the coverage you need and can afford. Call us to set up a time that is convenient. If you are not a current customer of City-Wide Insurance, call us anyway! We would love to look over your current coverages and make suggestions for you!
Now one thing that we suggest every homeowner policyholder do is prepare a home inventory list.
Why Do You Need a Home Inventory?
When you file a home insurance claim for personal property, the insurance company will want “proof of loss”—documentation of your ownership and the item’s value. A home inventory helps ensure you’re fully compensated for your property. In the wake of a catastrophe, you may need a home inventory to prove eligibility for tax deductions or disaster assistance. Having a detailed accounting on hand saves you the headaches of listing all your possessions from memory.
And let’s face it, if your memory is like mine, this will be a challenge. A home inventory can also help to ensure your homeowner’s insurance includes adequate personal property coverage. As you catalog your possessions, you’ll likely be surprised at how much it would cost to replace everything in your home—and you may realize you’re underinsured.
Just exactly how to you do a home inventory?
Anything in your house that’s not “permanently installed” is considered personal property. For example, wall-mounted light fixtures are not personal property, but table lamps are. If your homeowner’s insurance covers belongings in a storage facility or in a garage, shed or other outbuilding on your property, inventory those too.
To make the home inventory process a little easier, break it into smaller steps by starting with the most expensive property, such as furniture and electronics, or by going from room to room. Walking through each room and taking video or photos of its contents is a convenient method that lets you zoom in on serial and serial numbers. While you record, describe each item in detail, including as much information as you can about it (manufacturer, where you bought it and the price you paid for it, etc.) Make sure you don’t ever exaggerate or lie about an items value…this is considered insurance fraud. Keep receipts, contracts, and other purchase records that document the value of your items. Claim adjusters won’t expect this but having them certainly helps. In lieu of a receipt for a recent purchase, the listing for the item online may suffice, or you can provide bank or credit card statements that include the purchase. For things you didn’t pay for, such as gifts or items inherited from a relative, do your own research to estimate the replacement cost.
A standard home insurance policy may not cover the full value of certain items, such as furs, collectibles, electronics, etc. You will need to purchase additional coverage to ensure these items are protected. If you have dozens of similar items, like clothes, books, dishes, etc. you don’t need to catalog each one. You can count and add to a general category.
Once you complete this inventory checklist, make several copies. You will want t to keep them in several places, like a fireproof safe, or in our safety deposit box at the bank and one at a friend’s house. This way, if one copy is destroyed, you will have another.
Lastly, make sure to update your inventory regularly or, every time you make a new purchase, make sure you update your records.
Start 2022 off right. Stick to your goals and get your inventory list done!
And remember, always call us at Citywide Insurance for all your insurance needs and your questions!