House Insurance

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Avoid frustration by keeping an inventory of your belongings.

Also: Not having these home insurance coverages would be criminal.

Help! I've lost everything! Where do I start?

The best place to start after a great loss of property is with an inventory of that property. And the best time to make an inventory is before all is lost. If most of us suddenly found ourselves without anything due to some calamity, we would be hard pressed to know all that we had lost. When was the last time, for example, that you counted the number of shoes or CDs you own, not to mention furniture, dishes, drapes, and audio/video equipment? How much is it all worth, and where would you start if you had to replace it?

Now is the time to make a list of major house-hold items and possessions. Click here to print out an inventory form. It will make your job easier. Where possible, it is wise to list the items' serial number, the date and the cost of purchase and the receipt.

Perhaps an even easier way to inventory your home is to use a still or video camera. As you take the video, you also can talk about the items, when you purchased them and how much they cost.

Whichever method you choose, have a copy made.

Ask a friend or family member to hold on to it. Store your copy in a safe deposit box. Chick with your agent, who may be able to store a copy for you. If the worst happens and your home is destroyed, the inventory will be safe at another location.

Not having these home insurance coverages would be criminal.

Replacement Cost on your Personal Property
Without this option, your insurance company might pay you the depreciated value on your TV, clothes, and your other possessions. That means you might get $5 for that old TV you’ve been watching. Will you be able to buy another one for that amount? We don’t think so. Adding this option means that you’ll receive full-value cost of your possessions when you replace them. If it costs you $500, that’s what you get when you replace your old TV with a similar new one.

Increased Limits on Special Items
Most insurance policies have limitations on things like jewelry, silverware, furs, money and securities, coins, guns, fine arts, musical instruments, and even computers. That means that when the southwestern pot worth $10,000 that your grandma gave you is stolen, the insurance company may hand you $1,000 and say, “Sorry.” The same thing may happen when your wedding ring disappears. Make sure your agent lists all of those pricey items specifically on your policy so you can replace them if something happens.

Home Replacement Guarantee
This option provides additional money to rebuild your home even if the cost to do so exceeds your coverage limit, as long as your home is insured for 100% of its value. Will your current insurance company do this or will they insist that kitchen tile from the local mega-home store is as good as the stone you had imported from Italy?

Building Ordinance Coverage
Often, people must rebuild to today’s stricter building codes in the event of a major loss. For example, local codes might require a homeowner to rebuild further from the street or to upgrade the electrical system. Make sure this coverage is included on your policy.

Flood Insurance
Homeowners policies as a rule have fine print that makes sure you don't have coverage for any kind of water coming in from outside. Click here to read the fine print for yourself and make sure you have the coverage.