Do I Have The Contents Of My Home Insured For Enough?

Make sure you consider the amount of personal property coverage as an integral part of your decision in purchasing Home Insurance or Condominium Owners Insurance. Obviously, you need to determine whether you have enough coverage for your own property. For our article on estimating the amount of coverage you need for personal property protection coverage, see our related article by clicking on the aforementioned link.

However, don’t stop there. The property of others is also going to be insured under your homeowners policy. Therefore, you should remember to reassess the amount of insurance you have for personal property after any important life events – having a boyfriend or girlfriend move in; getting married; moving in an elderly parent; taking in a houseguest or roommate for an extended period of time; having or adopting a baby; etc. Anytime another person moves into your home, there are usually a lot of additional personal items that move in with them. It’s easy to forget, but another person’s clothing, furniture, computer, watch, jewelry, luggage, books, cds, electronic equipment, etc. will quickly add up. In addition, in the event of housing an elderly parent, there may be medical care items that can be costly. If you’ve just had a baby, in addition to furniture for the baby’s room and clothing, there will be a lot of extra property, such as strollers, car seats, high chairs, etc. All of these items quickly add up if you were forced to replace them all at once. In the event of a major life change in which another person is occupying your home, it is a good idea to consider the additional amount of personal property that will be stored in your home. If an adult has moved into your home, ask that person to make a list of the items that he or she is moving in with. The list should include clothing, shoes, furniture, electronics, jewelry, watches, artwork, books, luggage, housewares, etc. Even an incomplete list that will give you a general idea of the value of the property is better than nothing. When searching for Homeowners Insurance Quotes or Condominium Insurance Quotes, be sure to sufficiently estimate the amount of coverage you need. Don’t forget to adequately insure all personal property stored in your home, particularly if you’ve recently had a major change in your living situation that could double the amount of personal property coverage you need.


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