Material belongings can’t compare to the worth of a relationship or our own emotions, but they are important nonetheless. In most cases, personal property signifies much more than just a physical object. Belongings are often imbued with sentimental value and memories, making them important to protect. If you’re considering insurance for your most valuable items, you might have questions, like how do I protect my possessions, and what items should you insure? Read this guide to personal property insurance for more information on how you can keep your belongings safe.
Take an Inventory of Your Home
The first step to insuring your personal property is taking a detailed inventory of your home and its contents. Make note of any items which are particularly meaningful and any high-priced valuables. Creating a home inventory may be an arduous task, but it’s worthwhile if you want to protect your property. Your inventory should include a description of each item, a serial number if it has one, the estimated value it holds, and — if you’d like to be especially thorough — a photo of the item.
Choose Items to Insure
Once you’ve created an inventory of the items that are the most valuable to you, you should proceed to prioritize them in order of importance. This will help you decide which items are worth insuring. Because an insurance policy will be predicated upon the monetary value of an item rather than its personal or sentimental value, you should prioritize your list in order of value, too. Choosing which items to insure isn’t necessarily a reflection of which belongings are your favorite, but rather, a careful consideration of which will be the best investment to protect.
See What a Policy Includes
Once you’ve chosen which items to insure, you should see what your policy includes in its coverage. Some personal property policies have a coverage cap that may be insufficient for the value of the items that you wish to insure. Check the terms of your existing policy to see what its terms are and whether it may be suitable for the items that you need to insure. In many cases, coverage limits will necessitate upgrading your policy or adding additional coverage.
Invest In Replacement Coverage
Though your policy may include some coverage for damage to personal valuables, many policies do not cover replacement of belongings. It’s a wise idea to invest in policy that does include this coverage. You may also invest in a policy endorsement that allows you to increase the coverage limit for specific valuables. Though this may increase the sum you pay for your monthly premiums, it will also increase the payout you receive in the event that an insured valuable is damaged or lost.
About Brooks, Todd & McNeil
Since 1839, the independent agents at Brooks, Todd & McNeil have been pleased to offer our community the best and most affordable policies from a variety of providers. Our dedicated facilitators are ready to put their 75 years of combined experience to work on your claims. To learn more about our products and services, contact us today at (800) 448-4567.