| To you, it's just your home, but to an insurance | | | | conduct a home inventory to determine if you |
| company and their arcane policies, it's not just a | | | | have enough coverage to replace these |
| "structure", but potentially several "structures", | | | | belongings.Many people learn after a storm or fire |
| each of which must be assigned the right | | | | that they didn't have enough coverage to replace |
| insurance policy coverage to make sure your | | | | their belongings. After a catastrophe, would you |
| home is protected from disaster. And don't foget | | | | be able to remember all the possessions you've |
| your personal possessions are another matter | | | | accumulated over the years? Making an inventory |
| unto themselves! The rates you pay for your | | | | will help you decide on how much coverage you |
| standard homeowners' insurance policy includes | | | | actually need. Start by making a list of your |
| the following essential types of coverage. These | | | | possessions, describe each item and note where |
| are:1. Coverage for the structure of your home.2. | | | | you bought it and its make and model. Include all |
| Coverage for other structures.3. Coverage for | | | | your sales receipts, purchase contracts, and |
| your personal belongings.1. The Structure of Your | | | | appraisals. For your clothing, make categories and |
| HouseCoverage for the structure of your house | | | | note items that are especially valuable. When it |
| is the part of your policy that includes repairs or | | | | comes to major appliances and electronic |
| rebuilding if your home (dwelling) was damaged by | | | | equipment, record their serial numbers.If you are |
| fire, hurricane, hail, lightning or other disasters | | | | just setting up a household, starting your home |
| listed in your policy. Your "dwelling" typically | | | | inventory can be simple. If you have lived in your |
| includes your house, attached structures and | | | | home for years, the idea of doing a home |
| fixtures in your house such as built-in appliances, | | | | inventory can be daunting. Start by going room to |
| plumbing, wiring, heating systems, and | | | | room. Note recent purchases and do your best to |
| permanently installed air-conditioning systems. This | | | | remember what you can of older items.Your |
| coverage does not cover damage caused by | | | | inventory can be documented by photographing |
| floods, earthquakes or routine wear and tear. | | | | each item or by making a video tape. Make sure |
| When you buy your homeowners' insurance it is | | | | to store these documents in a very safe place, |
| very important that you purchase enough to | | | | not in your home. You can download free home |
| rebuild your home.2. Coverage for Other | | | | inventory software at Better yet, keep your |
| StructuresMost standard policies also cover | | | | records and digital photos inside a free |
| detached structures such as garages, storage | | | | KeepandShare account. Read about using |
| sheds, and fixtures attached to the land such as | | | | KeepandShare for home insurance |
| fences, driveways, sidewalks, and retaining walls. | | | | inventory.Costly items such as silverware, |
| These kinds of structures are usually covered for | | | | jewelry, and furs are covered but there are |
| about 10% of the amount of coverage you have | | | | usually dollar limits. Your coverage even includes |
| on your home. If you believe you need more | | | | "accidental disappearance," meaning if you lose the |
| coverage on these structures, make sure you | | | | item it is covered by your policy. However, there |
| talk to your insurance agent. If a detached | | | | is no deductible. To insure expensive belongings |
| structure is used for a business purpose, it is not | | | | for their full limits you need to buy a special |
| covered under a homeowner's insurance policy.3. | | | | personal property endorsement.Trees, plants and |
| Your Personal BelongingsItems such as furniture, | | | | shrubs are also covered under the Personal |
| clothing, and sports equipment are covered if | | | | Belongings part of your policy as long as they |
| they are stolen or destroyed by insured disasters. | | | | were damaged by insurable perils. They are not |
| Some policies may have limited coverage for | | | | covered if the damage occurred from wind or |
| small boats but not motorized vehicles unless they | | | | disease. The coverage is usually 5% of the |
| are unlicensed and only used at your home. Some | | | | insurance on your home.Your policy also includes |
| belongings or items may have limited coverage. | | | | off-premise coverage anywhere in the world. |
| These could include artwork, firearms, electronic | | | | Sometimes the limit is 10% of the amount on the |
| data and money. Usually you have 50% to 70% | | | | policy.Your policy should include up to $500.00 of |
| of the amount of insurance you have on the | | | | coverage for unauthorized use of your credit |
| structure of your home. It is very important to | | | | cards. |