Question: How do homeowners know if they have enough homeownerโs insurance?
Answer: The truth is that unless good records are kept, the average homeowner loses track of what they own! A good way to assure adequate insurance is to take a home inventory of what you do have. With technology, this is a much easier task than it used to be.
One way to document your belongings is simply to walk through the house with a video camera and record each room. It would help to talk through the items youโre showing to gather more information.
Be sure to document contents of drawers, closets and safes. Include the garage and other buildings on the property. Pull anything of value out and make sure to get a good image of the item.
Download two copies of the video onto CDs or a flash drive. Store one at home and one away from your property.
It is always a good idea to make a list of the serial numbers, makes and models of any appliances as well as any receipts you have. If you donโt have a video camera, you can use the video feature of your smartphone or use a still camera.
Take it up a notch and record more details by taking pictures of your belongings with your phone and entering them into a homeowner app like HomeZada. This takes a little more time, but it will give you a chance to organize the information by categories and you can add more information over time.
However, you accomplish this task it will more than pay off should you need to place a claim. Be sure to add new items purchased to your list.
Q: What other things can I do to protect my home?
A: Here are some inexpensive tips:
- Do not add bars to windows unless they come with interior safety and release mechanisms.
- Do not get a guard dog. Biting dogs could cost you your homeownerโs insurance.
- Do not advertise your purchases by leaving the empty boxes on your curb.
- Do not leave valuables in obvious places like jewelry in the master bedroom closet, artwork under the bed or in closets, cash or credit cards in nightstands.
- Do not leave your password book next to your computer.
- Take precautions when you are on vacation by suspending mail and newspapers.
- Lock your smaller items in a secure place.
- Consider installing security screens.
- Wait to post pictures of your vacation on social media after you return.
- Use smart devices like motion detection lighting and doorbells such as Ring that track visitors.
- Make friends with your neighbors and keep each other up to date on trips or changes.
- Schedule online purchases to be delivered on a day when you are home.
- Consider a whole-house cellular-based security system like the ones Rosie on the House-certified Tekna Security installs.
Q: I have expensive jewelry and tools. Are there extra things I can do to ensure that they are covered should they be stolen?
A: It is a good idea to identify the most valuable items you have that would be hard to replace and confirm with your insurance company that you would get full value should they be stolen, lost or damaged.
Items to consider would be jewelry, antiques, gun collections, tools, designer clothing, even your wine collection.
Theresa Chrest of Rosie on the House-certified Phocus Insurance suggests considering the purchase of itemized coverage โ this is the ultimate protection. Itemized coverage allows you to get specific coverage based on the individual value of each of the items listed on your policy. There is an agreed value to the items and no deductible.
Even if you lose a diamond down the drain, it is covered. Claims for items scheduled this way are simple and straightforward.
Group coverage is another option. This provides blanket coverage without having to itemize specific items. This type of insurance is usually only good for theft, not loss or damage. High coverage limits are available and are subject to a max per item and deductible.
Be sure to touch base with your agent if you are not certain you are optimally covered. See if they offer any discounts that you can apply for or if you need additional coverage.
