(NC) Most of us might be surprised to learn the
actual value of our accumulated belongings—and this could leave us
vulnerable in the event of loss, theft or damage. Taking a home
inventory is a major first step.
“You probably have a rough idea of how much your home
is worth, as well as how much you have saved,” says Ryan Michel,
spokesperson for Allstate Insurance Company of Canada. “But do you know
how much all of your belongings are worth? If you have made any
significant purchases since you last checked your home insurance it's
important that your policy reflects that.”
Most insurance policies have a limit on how much they
will cover if household items are lost, stolen or damaged. More
expensive things like jewelry, electronics, or sporting equipment may
only be covered up to a certain value and could require additional
coverage.
By creating a home inventory, it will be easy to keep
track of how much money your possessions are worth and how much
insurance you need to cover them. A home inventory checklist to help you
get organized is available at www.allstate.ca/learningcentre.
Here are a few helpful tips to get you started:
• Take on one room at a time.
• Make a note of valuable items.
• Take photos, write down serial numbers and collect original receipts, if possible.
• Organize items into categories.
• Check that these items are covered by your personal
insurance policy, if necessary by sharing your inventory with your
insurance company.
• Store a copy of your list and photos in a safe
separate location, either in a safety deposit box, or with your
insurance company.
If you find a difference between what you're covered
for and what you now own, call your insurance provider. Updating your
policy to ensure you're properly protected is easy and can save you
money if the unexpected happens.www.newscanada.com
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