1406 N Pines Rd Spokane Valley WA 99206
Do you know what you have? Most people would answer yes to this without giving it a second thought, however, when asked to make a list of things when a loss occurs find it very difficult to remember everything. Be prepared for disaster. A household inventory of your personal property is one of the most important things you can do to prevent problems if the unthinkable happens.
There are generally two ways to insure your personal belongings:
Replacement Cost Coverage - This coverage will pay costs to replace damaged personal property with items of like kind or quality without reduction for depreciation.
Actual Cash Value - This coverage will pay the costs equal to the replacement value of damaged property less depreciation. Unless your homeowner’s policy specifies that property is covered for its replacement value, the coverage is for actual cash value.
Here are a few ways you can make sure you have enough insurance protection:
• Check the coverage limits on your policy (Coverage C) on personal items, such as jewelry, silverware, furs, money/securities, firearms and property used for work/business. If you believe the limits don't accurately reflect the value of your property, consider buying a special personal property endorsement to add coverage for additional or special items.
• Make an inventory of everything you own in your home and in other buildings on the property. Be specific. Record the serial number, make and model number, purchase price, and date of purchase whenever you can. Don't include any vehicles; they must be insured separately.
• Don't forget to include your furniture, appliances, stereos, computers and other electronic equipment, hobby materials and recreational equipment, china, linens, silverware and kitchen equipment, jewelry, and clothing.
• Have your older children inventory their CD collections and video games, providing you a copy of the list for your record keeping.
• Don’t forget to include your tools and sporting goods, again keeping a copy in your records.
• Take either still or video pictures of these items. Store copies of your receipts, inventory checklist and visual records. Keep this inventory in a safe place – a safe deposit box or fireproof safe away from your residence.
• Add major purchases to the inventory and visual record soon after the purchase.
Most policies cover you for replacement cost of your personal property (check your policy to be sure). Taking a few minutes to keep and maintain an inventory of your personal property can save you time and headaches if the unthinkable happens. We have seen in the past year garage break-ins and several car prowling where the customer had to come up with a list of all the tools or CD’s stolen with values of each - It’s tough if you’re not prepared.