May 21, 2015
Did you receive that ring, computer or other expensive gift you've always wanted during the holidays or for your birthday?
Congratulations, but remember, there's one more thing to do after you recycle that wrapping paper...update your homeowners policy! Scott Plapp of Plapp Insurance Services in Berwyn says it's important to keep an up-to-date list of all of your belongings in case of a claim on your homeowners insurance.
At least once a year, it's a good idea to set aside a little time to make sure you have itemized your belongings, especially the big-ticket items. A good time to do that evaluation is January, so you can keep track of any significant gifts you received during the holidays as well as anything else you may have purchased during the previous year. We recommend being as descriptive as possible on your list, so that in case of an accident of theft, your treasures can be replaced with similar brand and style.
A good description should include the price of the item, and where and when you brought it. It's a good idea to keep your receipts, since they usually document the details of a purchase. Also, remember to take photographs of items, since that will also be helpful when you're trying to recall what you had and the condition and quality of the items.
If you have possessions such as fine china, musical instruments, camera, jewelry, computers or works of art that would be expensive to replace, consider taking special steps to protect them. Most homeowners policies cover valuable items only up to minimal limits. For example, a typical policy includes a limit of $1,000 on jewelry. That means that if your $3,000 diamond engagement ring was stolen, you wouldn't have enough coverage.
To better protect your jewelry and other expensive items, "schedule" these valuables on your policy. For a small extra cost, this endorsement lists the special items and appropriate coverage amounts. Another perk with the scheduled endorsement is that no deductible is required for the scheduled items, should there be a loss.
Above all, the best thing you can do right now to protect your belongings is to keep an accurate and current list of your possessions. And, for the common "everyday" type items that may be too numerous to list, take several photos of each room. Those snap shots will be great memory aids in the future. The list and photos will be lifesavers if and when tragedy strikes and you need your insurance company to help you replace the things you had accumulated over the years.
For more information on homeowners insurance, please call us or contact us using our contact form.