The answer
to this question is important, because it
determines how well your policy will protect you
in the event of a catastrophe.
Dwelling InsuranceThe value of your home for insurance
purposes is the cost of labor and materials to
rebuild it exactly as it is today. Many
individuals mistakenly think this cost is the
market value, tax value or the amount of their
mortgage.
Contact your insurance company representative, who has up-to-date information about
building materials and costs in your location. Discuss features of your home, including
other structures on the property such as a detached garage, tool shed or barn so you
can get an accurate estimate of the replacement cost of your home and other buildings.
Personal Property
The best way to determine the value of your possessions is to complete an inventory.
Doing so will help you get a claim settled more quickly, verify losses for your federal
income tax return and identify high-value items you may want to insure for more than
your policy limits. Use the
Inventory Possessions Work Sheet as a guide.
Consider photographing your possessions. Store a copy of the inventory, receipts,
photographs and a hard copy of important electronic documents in a safe deposit box
at your financial institution or in another secure location away from your residence.
Another option is to scan the information to a disk and store it appropriately.
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Get More For Your Money
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- Compare premiums
- Raise your deductible
- Ask about discounts
- Consider group coverage
- Review your policy annually
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Auto
Insurance
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Insurance
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