Not many people want to rifle through every little nick-nack in their home to record all of their possessions.  You definitely don’t need to do this to get homeowners or renters insurance.  However, taking inventory of your valuable can still be beneficial.  While the idea of going through every nook and cranny of your home and creating a record of every item likely doesn’t appeal, making an inventory is a good way to determine if you have enough coverage, whether it’s homeowners or renters insurance.

There are a few different policies to look at here.  Both provide protection for personal belongings:  Renters insurance allows you to choose a coverage amount, and homeowners insurance typically covers personal belongings for a percentage of your home’s value.

Let’s say your home is worth $250,000, and your belongings are covered at 10 percent of your home’s value, you’ll have $25K coverage.  This may be enough for some, but not for others.  Reference our valued list below:

  • List and estimate the value of large items first, such as your sofa, bed, and appliances.

  • Record and value household items such as clothing, sheets, and towels.

  • Include the value of small things such as forks. Most of us accumulate “stuff”, and it’s easy to forget how much you’d miss eating with those forks.

  • Once you’ve estimated the value of everything, tally it up.

  • Double that amount for a rough idea of how much coverage you need. If you have valuable items, such as jewelry, paintings, or collectibles, talk to your insurance professional about scheduling them.

Brazelton Insurance Group always has helpful ideas to save you money.  We strive to provide you with value insurance for your life and home.  Contact us today!  Together, we’ll think BIG.