In the event of a fire or theft at home it’s nice to be able to take solace in the little comforts, wherever you can find them. Family, friends, the sympathetic ear of an insurance broker – they all help cushion the crushing feeling of loss. But if you really want to give yourself peace of mind, there’s no substitute for a thorough and accurate documenting of your valuables.
Taking inventory as a property owner or occupier serves two generally purposes, the first of which is to make deciding on coverage easier. Whether you’re taking out a new home-insurance policy or upgrading an old one, knowing the value of what you want to protect is a great way to know how much insurance you need. To expand coverage you’ll want to invest in what is often called a floater.
Certain items may be left too unprotected by basic coverage. These often include jewellery, antiques and other items that can range wildly in value. Here, as with family heirlooms and artwork, you may want to visit a qualified appraiser. You’ll get a written record of an item’s value which you can then share with your insurance representative and use to devise a plan for coverage. Don’t forget that some items appreciate in value over time.
The second purpose of keeping track of your possessions is to make filing a claim easier after damage or theft. Technology today makes it easy to document things. You can narrate with a video camera as you go room by room itemizing objects, or simply take photos. Receipts are helpful too. Where possible it’s wise to capture an item’s unique characteristics, such as a serial number or defect. This will help police track down something in case of theft.
Regularly updating a list of your valuables is also a good way to streamline the claims process, including by ruling out insurance fraud.
A Moller Insurance broker will help you keep track of your valuables and devise an appropriate policy. They’ll also protect you from over-insuring, an all-too-common problem. To learn more call 905-642-2745 or visit www.mollerinsurance.com.