|
Getting The Right Coverage On Your Homeowners Insurance
TINTON FALLS - Homeowners insurance provides financial protection against disasters by insuring your home and its contents. Most homeowners know the value of their structure, but it's not uncommon to underestimate the value of their contents and lack the proper amount of coverage.
Ellen Kale, president of the Monmouth County Association of REALTORS®, says, "People often underestimate the value of their belongings. They may think their furniture, rugs, electronic devices, and accessories aren't worth a lot, but when you add all the contents together they might be surprised. Homeowners need to know the value of their belongings and to be able to prove it if a loss occurs."
Kale offers six tips to help homeowners estimate the value of their personal property and support their findings:
Take an inventory of all your personal property. Go room by room. Be thorough and specific when you record your belongings, list brand names and serial numbers when possible. Keep receipts for big ticket items.
Use photographs or a video recorder to support your written inventory.
Store your inventory list, photos and video in a safe place other than in your home.
Understand your policy. Different policies offer different types of coverage. Some policies cover the actual cash value while others cover cost replacement. With actual cost value you get the cost to replace the item minus its depreciation. Replacement cost coverage gives you the cost to replace the item with a similar one.
Look for exclusions. Coverage is usually limited on jewelry, artwork and other personal items. You may need additional insurance to cover these items.
Evaluate your insurance policy versus your needs. Estimate the value of your personal property based on your inventory. Be sure your current policy has the type and amount of coverage you need to replace all of your belongings.
| 
