Is Your Long Beach Home Insurance Coverage Up-to-date?
Does the amount of your Long Beach home insurance coverage reflect the value of your property
? According to a February 2012 survey from the National Association of Insurance Commissioners (NAIC), 59 percent of American homeowners have not made a list of their possessions, 48 percent do not have receipts for their property, 27 percent do not have photos, and 28 percent do not have a back-up copy of the inventory safely stored outside the home. The survey also revealed that 59 percent of homeowners with inventories have not updated them in over a year.
Why is this study important? If homeowners dont have an accurate account of their property, the amount of coverage on their current policy may not be high enough to cover the value of their possessions. If this sounds familiar and youve recently acquired expensive items such as antiques, collectibles, jewelry, or art, you want to contact your Long Beach home insurance company right away to make sure it is covered. The valuable item may require its own separate policy rider or may be added as a floater to your existing policy. You also want to ensure you have a receipt or appraisal to verify its value.
In addition to insuring expensive items, its always a good idea to have a home inventory to keep a thorough and accurate record of your possessions. Creating a home inventory may be a tedious process, but you will be glad you made it if you experience a loss due to disaster, damage, theft, or other events.
One of the best ways to take a home inventory is to videotape the contents of your home and describe each item as you move through the house. Taking pictures is another effective way to document your property. In either case, you should also keep a written or typed list with a complete description of each item, receipts, model numbers, dates of purchase, and appraisals in a safe deposit box or other secure location away from your home.
As important as it is to have a home inventory in the first place, it is just as critical to update it regularly as circumstances change. That expensive diamond bracelet you received as a present last Christmas? If it is ever stolen and isnt reflected on your Long Beach home insurance policy, you may be devastated to discover that this precious item isnt covered.
But remember that keeping your coverage up-to-date doesnt only apply to new valuable possessions. If you sell an item, such as an expensive piece of art, you will also want to talk to your Long Beach home insurance company to see if it makes sense to reduce your coverage. This can lower your premiums to save money each month. But again, make sure to keep your home inventory current so you can increase your coverage if a future valuable purchase may result in a piece of property being underinsured. The last thing you want is to have to replace an expensive item out of your own pocket if you neglect to have the appropriate amount of Long Beach home insurance coverage when disaster strikes.
Its also important to know that the amount of reimbursement for items varies greatly from company to company and policy to policy. Make sure your most important and valuable possessions are covered by meeting with your home insurance company at least annually to review your policy.
If you havent insured your familys possessions yet or want to know whether a valuable item is covered under your current policy, contact a dependable Long Beach home insurance company by calling 562.498.8661 or visiting www.KellyWilliamsIns.com.
by: Kelly Williams
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