Are Lost Items Covered by Homeowners or Renters Insurance?

Homeowners’ and renters’ policies are designed to protect you from financial loss. Items may be lost due to various perils, including fire, theft, and natural disasters. It’s important to know what your policy covers and the various terms. This will help you determine when filing a claim is beneficial. It’s important to evaluate your policy occasionally to ensure you are sufficiently covered. When you are in doubt, talk to an insurance agent to ensure that you have the coverage you need for all of your possessions.

Coverage Limits and Deductibles

Knowing your coverage limits means understanding how much value you place on your possessions. Having sufficient coverage ensures that you can replace any damaged or destroyed items. Deductibles are important as well. You can decrease your deductible by increasing your premiums. You can also do the reverse by increasing your deductible and decreasing your monthly premiums. Premiums can also be decreased by paying for the year instead of paying by the month.

Scheduled Personal Property

In order for your property to be sufficiently covered, you need to know its value. If you have antiques, fine art, or expensive jewelry, you will need to have the items appraised to know how much they need to be insured. These items are scheduled personal property and often hold much more value than similar items. You will need to purchase additional coverage for these items based on their appraised value. There are many items that people forget to insure. This includes collectible items that you have on display. Baseball cards, trophies, and wall art are also part of scheduled personal property.

Have a Detailed Inventory on File

Whether you own your home or rent, keeping an up-to-date inventory of your possessions is important. Choosing to have a video inventory is even better. Ensure that both inventories contain the condition, serial number, and model of each item. This way, there is no confusion regarding replacement costs and actual value. Update your inventory frequently and always make sure your insurance agent has a new copy each time. If you only create a paper inventory, try to include a few recent photographs as well.

Update Your Insurance Agent If You Need to Add or Delete Coverage

As time goes on, your circumstances may change. You may purchase expensive items or sell off your antiques. You may make improvements to your home or buy a swimming pool. Adding a security system or fence around your yard are also possible changes that should be reported to your insurance agent. Your insurance needs to change as your family grows as well. To review your coverages, you can communicate with our insurance agent.

Both homeowners’ and renter’s insurance are designed to protect your possessions. To take full advantage of everything your policy offers, it’s important that you update your inventory often and always report any changes to your insurance agent. Whether you own or rent your home, it’s important to keep yourself and your property protected. Call the agents at J. Archer Insurance Group today, and we will help you acquire the best coverage plan for your needs.

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