Valentine’s Day is right around the corner and aside from the classic chocolates and flowers, you may be about to give or receive something a little more special. If there is a new piece of jewelry or a pricey electronic device in your future, you want to be sure you’re properly insured in the event of a loss — did you know that your homeowners insurance policy alone may not be sufficient to cover some of your valuables? Though it will cover most of your belongings, there are limits and any items priced beyond your policy won’t be covered in the event of a loss.
To help keep your mind at ease, there are a few steps you can take to help protect your valuables.
Review your insurance policy
Understanding what is and what is not covered by your current policy is the first step in making sure your valuables are properly insured. Once you know how much coverage you have, you can then purchase any additional insurance you may need to cover the cost of a loss from theft, fire, or damage.
Assess the value of your possessions
While you may have a general idea of what an antique vase or family heirloom may be worth, it’s important to have it appraised by a professional. If you don’t know the value of your possessions, you won’t be able to properly insure them. And, even if you have previously had an item appraised, it’s worth having them re-appraised every so often as their value can change over time.
Conduct a home inventory
If you don’t know what you have, how can you insure it? Conducting a home inventory is the perfect opportunity to go through your home top to bottom and create an audit of what you have. When doing this, collect as many receipts and document the details of each item. Here are a few additional tips to help you when you conduct a home inventory:
- Take photos and/or videos of all the items
- Write the name and a detailed description of each item along with the location of where you keep it in your home
- Keep a password-protected digital copy and if you choose to have a physical copy, keep it in a fireproof safe.
- Update your list periodically to keep it up to date — especially if you’ve recently been to an appraiser.
Update your insurance policy
If you have changes to your home inventory or have a new high-price item, be sure to update your policy to reflect appropriate coverage equal to the value of your possessions. Connect with an insurance agent to identify which items may require an additional insurance endorsement and understand your options to best protect them.
If you have more questions about protecting your home and your valuables, visit our website to find a local agent near you: https://patrons.com/find-agent.htm