Tips for New York Homeowners Insurance

• 21 November 2011
• by: chedwards
• in: Blog
• note: no comments

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A homeowner
who has not yet created a home inventory is at risk of being underinsured or
being unable to support a claim for insurance compensation. An up-to-date home
inventory helps you accurately estimate the value of your belongings when you
review your New
York homeowners insurance coverage. It’s also a useful
checklist so that no item is overlooked if you need to file an insurance claim.

There’s no
set format or medium for a home inventory but many people find that using a
spreadsheet for the basic information helps with making rapid automatic
calculations of value and depreciation figures. 
Here are six easy steps towards creating a comprehensive home inventory.

1.   
Start by listing major possessions like valuable jewelry and
artworks and go on to list furniture, home appliances, collections and family
heirlooms.

2.   
Don’t forget to add commonplace belongings such as cutlery,
pots and pans, linen and bedding, hand tools, sports equipment, and clothing. Look
inside drawers and closets.

3.   
Photograph major items, record descriptions and other details
like age, model and serial numbers, purchase price and current value, and
attach copies of sales receipts and appraisal certificates if you have them.

4.   
Separate the list into logical sections such as by the room
in your home where an item is kept.

5.   
Store the home inventory and other associated documents in a
safe deposit box, fire proof box or online file.

6.   
Update your inventory annually and whenever you make a major
purchase.

Don’t be
deterred from creating your inventory because some documents like sales
receipts are missing; it’s far better to have an almost-complete inventory than
no inventory at all. Spend some time now to create your home inventory – if you
ever need to claim on your New York
homeowners insurance coverage you’ll be glad you did! With C.H.
Edwards Insurance, you can get the coverage you need with our agency. Contact
us today for more information!

 

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