When you have a homeowner, condo or renter’s policy, one of the important coverages is Personal Property. This covers your belongings like furniture, clothing and other items that you would have to replace if they were lost to a covered claim.
Most policies include “Replacement Cost Coverage” – which means the claim will be settled without regard to how old the items are. In other words, your “used” furniture will be replaced with “new” furniture…the company won’t depreciate the value for age or condition. To determine the amount of coverage you need, we need to consider what you actually possess. There are the basics of furniture, kitchenware, bedding – and then it gets personal! Clothing, jewelry, electronics, hobby items like guns, sewing machines, personal tools, or collectibles. And if you make any big additional purchases, be sure to call your agent to review your coverage to make sure it remains accurate for your changing needs.
Also keep in mind, that although you picked up all this stuff over the course of years, if there’s a total loss, you’re going to have to get a fair amount of it immediately…no waiting for sales! So imagine if you had to buy it all new, and price it accordingly.
An excellent thing to do would be to do an inventory. And that’s as easy as walking around your house with your phone or a video camera, and recording everything, while you narrate what you’re seeing. Open the closet doors and the dresser drawers…and then store that video somewhere off-premises. Don’t forget seasonal items that may be elsewhere, like your garage or storage area.
Another excellent option is to “schedule” certain property. For example, if you own an item that is easily lost or stolen, like jewelry, you can list it specifically on the policy by description. There is a cost involved – but then it will be covered for more perils, and usually without a deductible.
Give us a call so we can make sure your coverage is just right for you!
