Home Inventories: Insurance Basics
 | |  | |  | |  | |  |
| Insurance basics to think about: |
Think how long it took your family to accumulate your belongings... Most people can't recall items accumulated over time, especially in the disaster. What would it cost you to all at once? An inventory can help you prove your possessions, and also assist you in recalling all that you have! |
In most instances, when you file an insurance claim, you
will be required to fill out a "Proof of Loss" type form.
will be required to fill out a "Proof of Loss" type form.
Replacement Cost vs. Cash Value:
Most CA homeowners' policies have replacement cost
coverage on the home & personal property. But you may
have actual cash value coverage on personal property.
Most CA homeowners' policies have replacement cost
coverage on the home & personal property. But you may
have actual cash value coverage on personal property.
Homeowners policies usually cover "standard" household
contents (furniture, appliances, etc) up to some % of the amount
destroyed, damaged or stolen household goods. This coverage pays only for
the items you can recall you owned! You should document your home's
contents in order to recall what you had & be able to prove it. This is
even more critical if the item is above the "standard rule", meaning
Additionally, there are limits to certain types of coverages (jewelry,
electronics/computers, collections, artwork, etc)!
contents (furniture, appliances, etc) up to some % of the amount
destroyed, damaged or stolen household goods. This coverage pays only for
the items you can recall you owned! You should document your home's
contents in order to recall what you had & be able to prove it. This is
even more critical if the item is above the "standard rule", meaning
Additionally, there are limits to certain types of coverages (jewelry,
electronics/computers, collections, artwork, etc)!
Replacement cost policies give you more protection than actual
cash value coverage. For example, if a fire destroys your 5 year old stereo,
with replacement cost coverage, the insurance co pays to replace the stereo with
one that is similar. With actual cash value coverage, your insurance co would pay
you what you would expect to pay for a 5 year old stereo! (reflects age, wear &
tear, depreciation, etc)
cash value coverage. For example, if a fire destroys your 5 year old stereo,
with replacement cost coverage, the insurance co pays to replace the stereo with
one that is similar. With actual cash value coverage, your insurance co would pay
you what you would expect to pay for a 5 year old stereo! (reflects age, wear &
tear, depreciation, etc)
Endorsements: Because there are limits on certain types of coverages you
might want to purchase extra coverage for things such as jewelry, art,
collections, electronics, antiques, etc. For an extra premium, you can buy
endorsements that increase coverage on these items. An inventory can actually
help identify endorsements you may need.
might want to purchase extra coverage for things such as jewelry, art,
collections, electronics, antiques, etc. For an extra premium, you can buy
endorsements that increase coverage on these items. An inventory can actually
help identify endorsements you may need.
| Back |
| Because it's your family's safety & your family's stuff... |