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Take an inventory Published February 20, 2010 Do you know how much the personal property — furniture, appliances, electronics, clothes, everything — in your home is worth? Although personal property is only one piece of coverage offered by most homeowner’s policies in Texas, it’s an area where many consumers undervalue the amount of coverage they need. Or, even if they have adequate coverage, people often have trouble proving a loss.Taking an inventory of your personal property will help determine a coverage amount that’s right for you. It can also speed up the claims process if you have to invoke your policy. Since few people save receipts from all their purchases, an effective method is to list every item found in each room. You can make your own list or use the Home Inventory Checklist prepared by the Texas Department of Insurance (www.tdi.state.tx.us). However you record your belongings, be as detailed as possible. Record the brand of furniture, its material, serial numbers and when and where it was purchased. Keep receipts for any big-ticket items. In addition to your written inventory, shoot photos or video of your items. Open closets and drawers to show their contents. Don’t forget the attic, basement, garage or any storage buildings you may have on your property. Different policies cover contents differently. See whether your policy offers the actual cash value of an item or its replacement cost. Actual-cash-value coverage means you’ll get the cost to replace the item minus its depreciation. Coverage on some personal items, such as jewelry and artwork, is limited. It’s best to talk with your insurance agent about purchasing special coverage. Compare your policy to your inventory to see if you have enough coverage to replace your belongings, and find a safe place — other than your home — to store your list. Don’t be caught with insufficient insurance to cover your losses, and make sure you have the means to prove those losses. Take an inventory of your belongings and talk with your insurance agent. For more information, please visit TexasRealEstate.com and HAR.com. Nancy Furst, CIPS, TRC, GREEN, GRI, is owner of The Furst Group and serves as southeast district director for the Houston Association of REALTORS® (HAR). She is actively involved in HAR’s governmental affairs efforts and has lived in the southeast district since 1997. Please visit TexasRealEstate.com or HAR.com for more. - Written By Nancy Furst |
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