NEW YEARS RESOLUTION TO DOCUMENT CONTENTS
How many times have you opened your renewal letter of your homeowners or renters insurance policy and second guessed the amount of content coverage you have on your policy? Better yet, you had no clue how much “stuff” you really have and its value. Why not make January the month to document your valuables.
Documenting your contents is essential to knowing you are protecting your valuables to the full extent on your homeowners/renters insurance. What is the point in having this coverage if it does not completely cover your cost to replace your valuables in case of a fire, hurricane or other peril.
Going through a process of writing down your contents on a note pad is one way to accomplish this. Detailing the item and the approximate cost to you and when you bought it. You may even want to go through this process room by room so you know which room the item was located. Do not forget the small items too. Often we overlook the valuable “nick nack” on the shelf or something hidden in a drawer. Most people find the notepad system a bit tedious and less likely of an exercise to be done again, but better than nothing at all. Make sure you keep 2 copies of this list. One at home to take with you in case of an emergency and another copy at a different location. If your house burns or is damaged and the only copy is in the damaged home, you may not be able to recover it.
Most people find the documenting of contents easily accomplished by video taping their home. This gives incredible details of not just contents, but type of molding you have in the house, paint, cabinet work, floors etc. The more you document on video, the more quickly an adjuster will be able to settle a claim. While documenting on video, you may want to talk about items, mentioning where and when you bought it, and how much you paid for it. Be sure to pull out valuable jewelry, guns, antiques, things in drawers and closets. You should also go into the garage and around the outside of the house. Again, keeping a copy of this video is important, but make sure one copy is at another location. Don’t forget, any item with a high dollar figure, be sure to save the receipt in a receipt file. It is also recommended that jewelry, art, guns, antiques etc, should be appraised and scheduled on your policy. “Scheduling” is an additional rider insuring that one particular item for its full value based on a receipt or appraisal. Often items like jewelry and guns have a theft peril limitation. So be sure to check with your agent about items you should “schedule.”
Often in Charleston we are faced with hurricane risk. The time to document your contents is not during a hurricane warning. Do this now! Make this your new year resolution for 2009 to have documentation of contents done before the end of January. We suggest you update this as you buy new things, change furniture etc.. but make a point of doing this at least once a year.
If you have further questions about documenting contents, call The East Cooper Insurance Agency and we can help you further.
Philip L. Bradley, agent and CEO of The East Cooper Insurance Agency in Charleston, SC. For more information please contact our office at 843-881-2886 or 888-375-7108.
As always, Please consult your own agent or legal advisor before making any financial or insurance decision.
