The Latest Home Insurance Tips

Personal possessions and home insurance

Posted in: Home Insurance

Personal possessions and home insurance

Did you know that basic homeowners insurance may not fully cover expensive personal possessions inside a home?

The list of items that may not be fully covered can include:

  • Jewelry
  • Fine art
  • Furs
  • Silverware
  • Some electronic equipment
  • Other precious items

The above list is a good reference, but policies do vary. Check the terms and conditions of your currrent homeowners insurance policy to be certain what may or may not be covered.

There may be limits on some items and also be aware of language in your policy regarding “replacement cost” or “actual cash value.” These can end up being very different numbers in some instances.

Depending on your possessions and your policy, you may want to consider purchasing additional replacement cost insurance on your personal possessions.

It is also recommended to keep an up-to-date inventory of personal possessions at all times. The Insurance Information Institute offers a free, secure home inventory software at KnowYourStuff.org.



Comment on this Tip






Tips by Category

 

 




Late winter water problems bring home insurance into spotlight

Insurance News

Late winter water problems bring home insurance into spotlight

The late winter months often bring with them the threat of water damage to homes from multiple angles, so being aware of what is covered by home insurance and what isn't can be critical to the financial well-being of home owners. Read more



Insurance FAQs



you are here ›› hometipshome insurance
Personal Finance Tips - Home Insurance