So, you’ve got auto insurance for your car, health insurance for your health, flood insurance for your property, and home insurance for your house. Everything’s covered! Yay! Whoa there. Not quite. These days, it seems like you’ve got to insure everything if you want it covered in case of loss. There’s pet insurance. Celebrities are insuring their body parts. And, while you probably don’t need to insure those killer legs, you probably want to check to make sure you have some sort of personal property insurance (or personal belongings insurance).
Despite what you may think, your home insurance doesn’t necessarily cover your personal properties. They might have some small rider that will pay out a small amount to replace certain essentials like clothes and such, but if you’re ever in need of it, you’ll quickly find that it will fall far short of replacing much of the personal property that you owned. Some of the things will have caps on them for value. Got a killer gaming computer? Not covered to it’s full value. Many people are choosing to add a personal property policy to their list of insurance policies.
Part of getting a personal property policy is being able to identify the item, it’s value, and prove both. Here are three ways you can use to record the property that you own, and do it easily.
- Spreadsheet — Create a spreadsheet for each room and list the items you are insuring from that room. Be sure to record any serial numbers and model numbers that you can. A short description can also be helpful.
- Take Pictures — Combined with a simple spreadsheet, take pictures of the items that you own in each room. This can help identify the items, and act as proof of serial and model numbers as well as condition.
- Contents Video — Take a camcorder (or any device that records decent quality video) and walk through each room of your house, recording each item that you’ll be insuring. Again, be sure to record serial numbers and model numbers. You can use the ability to record voice to add in descriptions as you go.
Properly recording and keeping track of your property can make purchasing your personal property insurance a much easier task and make sure that you’re insured for the proper amounts and items so that you don’t find yourself trying to replace expensive items that you though your home insurance would cover.
photo credit: 111 Emergency
I started this blog to share what I know and what I was learning about personal finance. Along the way I’ve met and found many blogging friends. Please feel free to connect with me on the Beating Broke accounts: Twitter and Facebook.
You can also connect with me personally at Novelnaut, Thatedeguy, Shane Ede, and my personal Twitter.