There is a certain piece of mind knowing the personal property you have spent your life earning, collecting and paying for is insured in the event of a loss. But, have you ever stopped to consider what would happen if you needed your insurance because of major damage to your home such as fire?
One of the very first things your insurance company will want you to do is to write down everything you had and everything that was lost. How much would you forget about if you couldn’t look at it while you made the list? And, why would your insurance company believe you actually had what you claim you lost? Worst of all, what if you found out all the beautiful art work, you have been collecting the past 20 years, was only covered up to $500.00 maximum for all art work you had in your home? Or, that the $7,000.00 of computer equipment was only insured for no more than $1,000.00 because that is how your policy is written.
Most people don’t read their insurance policies, it’s sad to say, but I know it is true. Having insurance can provide some great security but, you need to try and understand what you have and how it will work if your ever actually need what you have been paying for. Your homeowner or renters policy may look like a bunch of fine print and legal mumbo-jumbo–because, that is exactly what it is. Someplace in all the fine print of your policy will be all the limits, exclusions and conditions.
Knowing exactly how much insurance you have for certain things such as jewelry, art, computers and other things you may own is important before starting you household inventory. Take some time to read your policy carefully and make some notes of any limits your policy has for things you know you own. You want to know exactly how much insurance you have and what limits, and conditions the insurance will cover your personal property losses.
The next Blog will talk about getting your list ready before you suffer a loss and ways to be sure you remember everything you once had in the event of a loss.
Photo credit for this blog entry: 
(no use restrictions for this photo)
Related Blogs:
- Household Inventory–Getting Started.
- Household Inventory–At Least Make A List.
- Is Your Personal Property Insured For Replacement Value?
- Insurance Appraisals
Glossary of Insurance Terms:
A | B | C | D | E | F | G | H | I | J-K | L | M | N | O | P | Q-R | S | T | U-V | W-Z
Families.com Blogs are for informational purposes only. Families.com assumes no responsibility for consumer choices. Consumers are reminded that it is their responsibility to research their choices properly and speak to a certified insurance professional prior to making any decision as important as an insurance purchase.