Insuring the Goodies Santa Dropped Off
While the little ones are concerned with how Santa will get to their house and down the chimney, Mom and Dad are more concerned with where they'll put all the new "stuff" Santa brings.
Your insurance company is also concerned that you keep track of your possessions, and after the excitement of Christmas, it would be a good idea to take the time to document your personal property. When property gets stolen or destroyed, it's the responsibility of the insured to tell the insurance company what's lost, although claims adjusters are trained to help you.
Receipts, canceled checks, instruction booklets, or copies of warranty cards are ways to show proof of ownership. Your insurance agent can provide you with a personal property inventory booklet in which you can record the items in each room with a date of purchase and cost. If you've never made an inventory and don't have the receipts, photographs can substantiate ownership.
When doing a photo inventory, take pictures of every room from different angles. For small items such as jewelry, tools, or sterling silver, set the pieces on a table and photograph the group. Artwork, collectables, and heirlooms should be photographed individually.
A videotape would work as well as photographs, and it would allow you to describe the items as you tape them. Be sure to store the pictures, tapes, and any receipts in a safety deposit box or fireproof safe.
Once you've completed your home inventory, make an appointment with your insurance agent to be sure you have the proper coverage for all your possessions. It's especially important that you know the limitations in your policy for certain items. For example, jewelry is limited to $1,500 per item up to a total of $2,500. If you have a large collection, you'll need to decide what to schedule. Scheduling calls for an additional premium per $100 of value, and it can add quite a bit to your total homeowner insurance cost. It's also important to understand how your company handles replacement coverage and reimbursement. TPW
Your insurance company is also concerned that you keep track of your possessions, and after the excitement of Christmas, it would be a good idea to take the time to document your personal property. When property gets stolen or destroyed, it's the responsibility of the insured to tell the insurance company what's lost, although claims adjusters are trained to help you.
Receipts, canceled checks, instruction booklets, or copies of warranty cards are ways to show proof of ownership. Your insurance agent can provide you with a personal property inventory booklet in which you can record the items in each room with a date of purchase and cost. If you've never made an inventory and don't have the receipts, photographs can substantiate ownership.
When doing a photo inventory, take pictures of every room from different angles. For small items such as jewelry, tools, or sterling silver, set the pieces on a table and photograph the group. Artwork, collectables, and heirlooms should be photographed individually.
A videotape would work as well as photographs, and it would allow you to describe the items as you tape them. Be sure to store the pictures, tapes, and any receipts in a safety deposit box or fireproof safe.
Once you've completed your home inventory, make an appointment with your insurance agent to be sure you have the proper coverage for all your possessions. It's especially important that you know the limitations in your policy for certain items. For example, jewelry is limited to $1,500 per item up to a total of $2,500. If you have a large collection, you'll need to decide what to schedule. Scheduling calls for an additional premium per $100 of value, and it can add quite a bit to your total homeowner insurance cost. It's also important to understand how your company handles replacement coverage and reimbursement. TPW