Most of us don’t know the number of shoes or CDs we own or the dollar value of our furniture and electronic equipment. If a fire, burglary, or natural disaster hits your home, confusion and emotion may make it even more difficult to identify your possessions accurately. Disasters happen, though, so  now is a good time to make a thorough assessment of your belongings.

 
How Much Do You Have?

Although it is probably unrealistic to document everything you own, you can cover a lot of ground by walking through your home with a video recorder or camera. Make written or oral notes about when you bought each item and how much it cost. Store the photos or the video somewhere other than your home, such as a bank safe deposit box.

Under certain circumstances, some items may not be fully covered by the basic personal property section of your homeowners’ insurance; for example, a limit of $1,000 applies to losses due to theft of jewelry in the state of Connecticut. Check with your insurance company or agent to see if these limits can be increased for an additional premium.

Another way of protecting your valuable items is called scheduling, which is creating a list of individual items and specifically insuring them. Scheduling is an inexpensive way to make sure you get the coverage you need for all your valuables.

This article is part of a three-part series. Watch for part three, “Determining an Appropriate Amount of Liability Coverage,” in the March/April 2007 issue of The First-Time Home Buyer.

This article was reprinted with permission from Liberty Mutual Group. For more information, please call at 860-659-4111 ext 539 or toll free 800-245-5558 ext 539.