Safeguarding Your Gifts: Updating Your Household Inventory for Insurance
The holiday season is undoubtedly a magical time filled with joy, laughter, and the warmth of giving. As we unwrapped thoughtful presents from loved ones, it was easy to get swept away in the festive spirit. However, amidst the excitement, there's a crucial task that often takes a back seat—the update of our household inventory for insurance. Just like the tinsel on the tree and the ornaments on the mantel, those valuable gifts need their place on the list too.
So, as you unwrap your gifts, you will want to make sure to update your insurance inventory going into the new year. Whether it is a new piece of jewelry, the latest tech gadget, or a cozy addition to your home decor, ensuring your possessions are properly documented is a smart move. So, grab a cup of cocoa or coffee, and update your household inventories and, if necessary, your insurance.
Tips on Updating Your Insurance Inventory:
1. Internal coverage limits on certain property:
Most policies contain internal limits on certain items. Fine pieces of artwork, baseball card collections or oriental rug collections may have an internal limit that should something happen, not be afforded full coverage. Theft of guns and jewelry often have an internal limit.
2. Inventory:
The thought of putting all your household items into a spread sheet or God forbid writing them down on paper is a mind-numbing prospect, and while the Holiday season often has a lot of down time, there are better things to do. Consider doing a video inventory that you would store in the cloud. When we think video inventory it is not videoing and describing every item, it is more going from room to room and taking a video of what is in the room, closets, drawers, and all. This helps in the event of a loss to remember what you had in each room. At that time, you will be able to complete an inventory for a claim, but only if it has occurred.
3. Jewelry:
Jewelry will have an internal limit for theft that can be increased, but the coverage will have a per item limit as well. If you have nicer items like engagement rings, expensive watches, or necklaces, you may want to consider a personal articles floater. Two things are important here; The items will need to have a recent appraisal, and the items listed become essentially all risk. If you throw your arms up to celebrate an Iowa Hawkeye touchdown (Not a common event) and you $10,000 Rolex flies off and cannot be found, that mysterious disappearance is a covered loss vs under the standard policy it is not.
4. Business Equipment:
With more and more people working from home, the amount of business equipment at one’s house is higher than ever. The first question is of course, whose equipment, is it? The company, or the individual? If it is the company’s, do they have a policy that will cover the property while it is in your home? If it is the individuals, there may be internal limits that reduce the coverage for business equipment.
At The Petersen Insurance Agency, we can help you evaluate what items may need to be added to your insurance inventory or advise you if you need any specific additions to your existing coverage to ensure these lovingly gifted items are protected. Remember, The Petersen Insurance Agency is here to guide you through every step of the process, ensuring that your prized possessions are safe guarded in all situations.
Contact The Petersen Insurance Agency Team Today
We pride ourselves in being thorough with our clients and ensuring your insurance covers all your needs – even the ones you may not be aware you have. we make sure all our clients are treated just like we would want our families to be treated by an insurance company. Contact us today to see how we can assist you in your insurance needs.