Short and sweet - 3 things you need to know

Do you understand your insurance policy? Really? I'm guessing most don't even read them, let alone understand them. We have many discussions about insurance when introducing and providing our personal property inventory service. Here are the 3 areas that cause the greatest misunderstanding:

1. You DO need an inventory even though you have insurance. You'll have difficulty remembering everything you own, especially under the emotional turmoil of having just endured a fire, theft or natural disaster.
2. They won't just send you a check! You'll need to list (down to the number of pairs of socks) on your claim everything you want reimbursed for.
3. Everything is probably NOT covered. You might be well covered, but be sure to review your policy to see what limits you face. Jewelry, for example, normally is limited to around $1600; cash between $200 and $500 and firearms, around $2000. Of course, all policies are different, and limits vary. Know what yours are, then purchase riders to cover the rest.