Why Should I List Valuable Belongings for Insurance?

Why Should I List Valuable Belongings For Insurance

Home insurance policies and plans come in all shapes and sizes, and while most will cover your personal belongings to an extent, it is a good idea to list some items that hold a high value of worth separately in your policy. If you list valuable belongings for insurance, you can be sure that they are accounted for in your policy and in the event of an unfortunate disaster, they can be properly reimbursed. A local independent professional agent can help determine where your personal belongings fit into your existing or future home insurance plan, and assist you in the process of identifying and listing your belongings.

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Many of the items that we own are overlooked as valuable or as part of our home insurance plan. You may collect items like figurines, old beer cans, or antique dishes that actually have value. Depending upon the rarity of the item, it may be necessary to include it in your list of valuables to insure. If a disaster were to occur that were to destroy these items, the cost of replacing or repairing these items could be high high. And most of all, some of our belongings are invaluable — perhaps they hold deep sentimental value or are rare, one-of-a-kind items. A professional independent home insurance agent can act as your trusted advisor, walking you through the process of listing your possessions and answering any questions you may have.

By filing a personal property inventory, you will be providing your home insurance company with a thorough list of your possessions, knowing that in any event, you will be reimbursed for the things you are entitled to. You can also determine what your policy covers and what it doesn’t, so you an properly insure all of your belongings. Your local home insurance agent will be familiar with this process and with the assortment of home insurance plans, making sure that you are fully covered.

Some of the steps you will need to take to schedule your belongings will include making a list of your possessions. This will entail a detailed list of every item in each room with a complete descriptions (name, description, quantity, date of purchase, where it was purchased, original purchase price, current estimated value, etc). You will also need to put together your receipts for expensive items, such as TVs, stereos, MP3 players, computers, cameras, furniture, jewelry, antiques, etc. Next, you will need to get appraisals for items such as fine jewelry, fine antiques, artwork, collectibles, and gold and silver pieces. It may also be a good idea to document your belongings visually with photos or video. Your local home insurance agent will inform you of exactly which steps you will need to take to insure your belongings separately from your home insurance policy.

Though this task may seem tedious, it is a way to confirm the security and protections of your most valuable items — some of which may be irreplaceable. Knowing that you are fully covered and having the peace of mind knowing that your possessions are accounted for may be one of the best investments you can make for your home.

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Enhanced Insurance is not written by attorneys. If you’re looking for legal advice, you need to contact a lawyer. Further, insurance practices and forms change constantly and are varied from state to state. For definitive answers in your area, contact a local agent.

While the majority of people want an agent involved in their purchase of insurance, many people want to see if they can save money by buying direct from the insurance company. Others want to try a direct quote to make sure the premium they’re now paying through their local agent is fair. If you want a quote for your coverage, click on the competitive quote button on the right side of this page.

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Jim operates an insurance agent network called Insurance Partners, aggregating agents in the Midwest for over 25 years. He was National Agent of the Year for Metropolitan in 1993 and Midwest Agent of the Year for Travelers in 2011. He served as a founding board member of the Surplus Lines Association of Minnesota.

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