Homeowners Insurance Checklist

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The new year is a great time to take a look at your current homeowners insurance policy to make sure it allows proper coverage for all new gifts and/or home improvements.  Your insurance agent can help you determine this and may even have a handy checklist to ensure you don’t forget anything.

Here are some helpful tips for putting together a home inventory:

  • Document each item as completely as possible, including brand and model number.
  • Include receipts and/or cancelled checks to prove what you paid for items.
  • Remember to include items you don’t use regularly, such as holiday decorations, sports equipment or tools.
  • Review your insurance policy to know what is covered and whether your possessions are insured for actual cash value (the amount it would take to replace or repair the item minus any depreciation) or for replacement cost (the amount it would take to repair or replace the item without deducting for depreciation).
  • For rare or valuable items such as jewelry, antiques or art, you may want to consider adding additional insurance (rider) to your policy.
  • Keep the completed list outside of your home; store it at your office, a family members house, or safe-deposit box.
  • Update the list annually.