It’s no secret that home burglary rates are rising, and it’s not surprising that there is a tie-in with the current economic climate. How long has it been since you’ve taken a complete inventory of your personal belongings? If you have recently acquired valuables such as electronic equipment, antiques, artwork, or fine jewelry, you need to know that a typical homeowner’s policy has a coverage limit of $5,000 dollars for antiques and electronics, and only $1,000 for jewelry. And here’s the kicker: those dollar amount are combined.
Maybe you already have a great alarm system and deadbolt locks, but that is no guarantee that you will not suffer a loss from theft. If that happens, you will need a complete and precise inventory of your personal property in order to get reimbursement for your claim. Additionally, you should think about adding extra coverage to your existing policy to make sure that all your valuables are protected from loss.
How to Conduct a Good Inventory of Your Personal Property
First, you need excellent records. A great way to inventory your valuables is to take photographs or video of all your possessions. Make sure to photograph or record every item you desire coverage for. Also note the serial numbers of any items that have them, and keep that information with the photos or videos, along with receipts of purchase. As an extra precaution, make copies of your receipts and keep them in a safety deposit box. You can also scan in copies of the receipts to your computer – just make sure you back up the information.
Decide Whether You Want Coverage for Actual Cash Value (ACV) or Replacement Cost
Your valuables depreciate the moment you take ownership of them. Therefore, you need to decide whether you want your Seattle homeowners policy to cover the Actual Cash Value (ACV) of the property, which takes depreciation into account and reimburses you at a lower level should you suffer a loss, or if you would like coverage for Replacement Cost, which would offer you the amount of money that it would take to replace the item at a current retail price. Coverage for ACV is less expensive than Replacement Cost, but you should think carefully about what type of coverage best suits your needs.
Appraisal of Your Costly Personal Property
In order to determine the precise value of your personal property, you will need to have it appraised. This is especially important for items that are very costly, such as fine artwork, fine jewelry, and antiques – items that you are adding extra coverage for in your policy. Make sure you have multiple copies of the documents from the appraisals, and keep one of those copies in a safety deposit box.
Secure Your Home
Do everything you can to thwart burglars from entering your home.
- Install motion-detector lights around your home.
- Invest in a burglar alarm and secure locks such as deadbolts. It’s possible to receive a discount on your home insurance policy if you install safety devices.
- Mount exterior metal or solid-core doors in addition to installing deadbolt windows with double panes. These features can deter burglars.
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