An important feature in most homeowners policies is the personal property coverage. The personal property coverage protects you against losses of precious belongings within your home, and this amount pays benefits additional to the cost of insuring the dwelling structure itself. While most consumers are aware they have the coverage, few have really thought through what would happen in the event of a claim and asked important questions such as “How will I be compensated?”; and “How will I prove the value of my belongings?”; and “What are the standards for determining property value?”
A simple solution is to create a schedule (inventory) of your belongings and store it in the cloud or in a safe place away from your dwelling. This simple list should include
- the type of article (such as oak table or antique chair)
- the model or make of the item
- the estimated replacement value of the item
- A picture of the item if possible
Having an inventory is a great gift to yourself at the time of a claim. It shows that you have thought through the process of actually having a claim and will speed the claims process, should a loss occur.