Do you understand what your homeowners insurance policy covers?
Most people don’t. They purchase the policy, usually as a requisite to purchasing a new home, then they never look at it again. During the purchase process, they pay very little attention to the coverage amounts and usually only consider the cost.
Here in Florida, it is even more imperative, that attention is paid to what is covered, as Citizens and most of the “takeout” companies offer very basic coverage and leave many “gaps” that people need to be aware of.
Keeping a complete inventory of your personal belongings, will expedite the claim process as well as help you understand your insurance needs! Know where you keep your most valuable possessions. Keep documentation, appraisals etc, in a fire proof box, or better yet, somewhere besides your home. Pictures, videos and are also valuable tools, to keep a record of your belongings. Also keep a record of the brand and serial numbers of your electronics. Don’t forget to inventory your garage, attic and closets. I know that my wife’s wardrobe is probably worth more than all my electronics combined.
One of the biggest surprises to homeowners, is the amount of coverage offered for jewelry, antiques, guns and other collectibles. Usually the coverage offered is completely inadequate. Understanding the value of your belongings and your insurance coverage, may prompt you to purchase additional insurance to fill the gap, between what is covered by your homeowners insurance policy and the coverage you actually needs.
Taking the time to inventory your home and to read through your policy jacket, may seem like a cumbersome task, but it will save you a lot of headaches in the future!