When You Should Review Your Homeowners Insurance Policy - Part 2

Our last post discussed your homeowners insurance policy and the exterior and structure changes that would initiate the need for a policy review.

There are also times when you should talk to your insurance agent to make sure your contents are properly covered. 

Special purchases of high dollar items will most likely require a rider for proper coverage. Items such as jewelry, musical instruments, collectibles, antiques, firearms, etc., face limits on your policy. Scheduling these items is very inexpensive for the value you’re insuring.

Having a personal property inventory will be extremely helpful if you need to file a claim. Even though you have proper insurance, you will still need to provide a list of each item you want reimbursed, when you purchased it and what you paid for it. This is a daunting task, especially when under the emotional stress of having just endured a loss. Consider it insurance for maximizing your claim.

I’d like to reiterate that it’s best to call your agent at the time the changes are made or items are purchased. However, at the very least, every year, when it’s time to pay your homeowners premium, consider what changes or additions you’ve made.

When reviewing your policy, you'll realize how much you own and will most likely be surprised. Think about if you had a loss (which is why you have insurance in the first place), and while meeting with your agent, ask if you should have an inventory of your belongings. They'll encourage you to do so, and when you're filing your claim, you'll be happy you have this document to refer to.