One important protection afforded by home insurance policies and condominium owners insurance policies is the coverage provided for your personal property. Therefore, when shopping for homeowners insurance and condominium owners insurance, make sure to have a good idea of how much coverage you need in the event you had to replace the contents of your home or condominium.
Here is why you want to be as accurate as possible when shopping for homeowners insurance quotes and condominium owners insurance quotes – if you underestimate the value of your property, you are paying less premium now, but where there is a big loss, you will not have enough coverage and could end up paying a lot of money later to replace your property; if you overestimate the value of your property, you end up paying too much premium now for coverage that you’ll never need. Therefore, the more accurate you can be in estimating the value of your personal property, the better off you will be in the long run. A non-exhaustive list of the types of things you want to include in your list are the cost to replace: clothing, shoes, furniture, electronics, computers, telephones, artwork, lamps, housewares, rugs, linens, jewelry, watches, handbags, luggage, books, etc.
We recommend going room by room and making a list of the items that would have to be replaced in the event of a fire or other total loss. The list should be as detailed as possible. For example, with respect to the kitchen, you would want to provide a list of all items stored in your kitchen, including pots and pans, silverware, dishes, electronics (such as a radio or television, blender, mixer, food processer, etc.), cooking tools, table linens, etc. If you can, keep all receipts in a folder that you keep in either a fireproof box or a separate location. If you don’t have receipts, don’t worry. But it is a good idea to keep any receipts of items you purchase in the future. In addition to being useful in determining an accurate amount of coverage, the receipts will be very useful in the event of a loss, as you will have proof of the property that was damaged in a loss. (For this same reason, it is also a good idea to take pictures of each room in your home or condo). Although making an inventory of every item contained in your home or condo may sound like a tedious task, the list can be general with respect to the lower cost items (for example, measuring cups), but more specific with respect to the higher cost items (for example, the fine china you received as a wedding gift).
Once you complete the inventory of the personal property contained in each room in the house or condo, you will add that up to determine the amount of coverage you need for your personal property. You will want to add this amount to the amount of coverage you need for your dwelling protection itself to obtain the total amount of coverage that you need. It is this combined amount of personal property and dwelling that you should use in shopping for homeowners insurance or condominium owners insurance and in comparing homeowners insurance quotes or condominium owners insurance quotes.