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really covered by insurance? |
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Homeowners would file claims for storm damage, and
the company would then replace the old, ready-to-be-replaced roof.
Now, some insurance companies limit the amount payable on replacing
a roof, especially when it is over a certain age.
Other companies limit or exclude items in other categories
such as business property, film, tapes, cassettes, records, art,
memorabilia or collectors items. Check with your insurer to determine
if you need special riders to cover your particular items.
Remember, you are insuring your home and your possessions
-- not your land. Think about what it would cost to rebuild your
house and replace its contents, not what the market value of the
house is.
Inventory your valuables
Calculate the value of your personal possessions by creating an
inventory. Keep the inventory in a protected place outside your
home such as in a safe-deposit box. If you have especially valuable
items such as jewelry, artwork or computer systems, you may need
additional insurance to cover them.
Written appraisals for jewelry, along with photographs,
should be stored with your inventories. The insurance company will
need this information if you have to file a claim. Also, if your
house is broken into or destroyed, you will be able to identify
missing items more readily by using an inventory.
While videotape is great for documenting your large
possessions, a written inventory is critical for noting small items.
It's best to inventory all of your items with a detailed description,
including make, model, price paid, location and date of purchase.
Keep photocopies of your receipts or other pertinent information
with your inventories. Go through your house room by room and complete
a written and visual inventory for each one.
Heidi St. Jean is a freelance writer
specializing in insurance, financial services, business and technology.
She is based in Simsbury, Conn.
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