We’re well into 2018 and the holidays are a pleasant memory. Hopefully, Santa brought your family everything they asked for. The big question now is, are all of those new toys, jewelry and electronics covered by your current homeowners’ insurance policy? Your policy should include personal property coverage for everything inside your four walls. Valuables such as jewelry, artwork and musical instruments should be listed on separate line items, on a document called a personal property schedule.
Did you get engaged over the holiday? If so, congratulations! As you’re calling all of your family and friends to tell them about your engagement, make sure you’re also calling your insurance agent to ask them to add your rings to your scheduled personal property. Your jeweler should provide you with paperwork on the stones and an extra copy of the appraisal. Take a picture of the appraisal with your phone and text it to your insurer immediately; mail the hard copy as soon as you can.
After making a large purchase, many people forget to take the extra step of protecting it in case it’s damaged, lost or stolen. Here are some important things to consider to ensure that your current possessions are protected, and your holiday gifts can keep on giving for years to come.
- Take pictures of all your purchases. You should already have pictures of every room in your house and all of your major pieces of furniture and appliances. Store all of those photos on a single flash drive and keep that drive in a fireproof safe.
- Keep your receipts. Again, either scan them to your flash drive or keep copies of them in your fireproof safe.
- You should also already have a household inventory in place. Add your new purchases to that list.
- Take a moment in the new year to review your homeowner’s policy. Make sure you understand it. Ask your insurer what your personal property loss limit is and compare that to your estimated value of your possessions.
- Make sure you know whether you have “actual cash value” or “replacement cost” coverage. Even if you think your clothes, dishes and furniture aren’t expensive by most people’s standards, you’ll be astounded at how much it might cost to replace them. Replacement cost is your best bet.
No one wants to think about losing the things they love. Our possessions mean a lot to us. Taking a few steps now to ensure they’re protected will bring about a great deal of peace of mind in the future.
If the unexpected does occur, the Hays + Sons team of friendly, experienced and compassionate restoration professionals is just a phone call away. We’re here for you, 24/7, 365 days a year.