Keep your coverage up to date!
Does the amount of your 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 don’t 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 you’ve recently acquired expensive items such as antiques, collectibles, jewelry, or art, you want to contact Edith Estes 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, it’s 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.
If you haven’t insured your family’s possessions yet or want to know whether a valuable item is covered under your current policy, contact Edith Estes Insurance by calling (803)328-0145.