Getting your first home insurance policy can be a intimidating process. Not only do you need to shop around for quotes and compare coverage, but you also need to determine the cost of your home and your possessions. There are some things that can be easy to forget -- and that could lead to costly issues later on.
1. Your Wedding Rings
Wedding rings and other pieces of expensive jewelry are often forgotten when detailing a home insurance policy. But these items may not be covered otherwise: most insurance policies have a maximum value on each individual item. In addition to wedding rings, remember to insure any pieces of art or antiques.
2. Your Home's Current Value
Your home insurance is based on the replacement value of your home in respect to its assessed value. If your home hasn't been assessed in a while -- or has undergone extensive modification and renovation -- the value you're reporting may not be its current value.
3. Your Exact Appliances
When listing your home inventory, it pays to be as exact as possible. If you list a toaster, the replacement value you're going to receive is the value of an average toaster -- which may be $20. But if you list a specific name brand of toaster, your insurance will reimburse you for the value of that specific appliance. This is especially true for electronic devices. When you can, you should take down the serial numbers in addition to the exact make and models of these items.
4. Your Home Additions
As you make improvements to your home, you need to make sure these improvements are reflected on your homeowner's insurance. This can include a new pool, fences, interior walls, and finished basements. It isn't just that you need these calculated into the value of your home -- some improvements could actually render your insurance invalid if they are discovered after you initiate a claim.
5. Your Home Office Equipment
If your home office equipment isn't covered by your business insurance, it has to be covered under your home insurance policy. This can include computers, printers, furniture -- anything you need to keep your home office running, within reason.
Consult with your insurance agent if you're not quite sure which items should be on your policy. Every policy is different and has its own limitations -- some items may require additional riders or separate insurance. Regardless, it's important that you get your valuables insured one way or another.
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