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R&R Insurance Blog

Creating a Home Inventory | Tips & Tricks

Posted by the knowledge brokers

Home-Inventory.pngIf someone asked you to create a list of every possession in your home today, how many items do you think you’d remember? Think about just one room. Can you envision what’s in every drawer, hanging on each wall, or sitting on the shelves?

Under the unfortunate circumstance your home is destroyed, your insurance company will ask for a complete home inventory.  Your current insurance contract most likely reads something along the lines of: “Prepare an inventory of damaged personal property showing the quantity, description, actual cash value and amount of loss. Attach all bills, receipts and related documents that justify the figures in the inventory.” In order for you to receive payment to buy new items, you will be required to complete a home inventory.

Home inventories can be completed in the form of a printed list, through photos and video, or even digitally via apps. West Bend Mutual provides the following checklist to help you through the process:

  • The more detailed your inventory, the better. That being said, don’t make it too complicated. An easy way to do a home inventory is go from room to room, photographing or videotaping the contents of each room, then jotting down descriptions and details. Don’t forget your closets, cupboards, and drawers. And be sure to include the basement and garage.
  • Your inventory should have:
    • Brand names and serial numbers of products;
    • Digital photographs, preferably stored on a disc or flash drive; and
    • Receipts. If you don't save receipts, it’s a good time to start.
  • More expensive items like jewelry, collections, furs, and other valuables are limited in the amount covered. If the value of these kinds of items exceeds the limits, be sure to insure them separately. You may need appraisals to do this.  Once you have an inventory and appraisals, store them in a safe deposit box away from home.
  • Keep your inventory current. Update it every year, especially if you buy, sell, or give away items. Failing to keep your inventory updated could result in not enough (or too much) insurance coverage.
  • Once you’ve got your inventory (whatever form it takes), make sure to protect it. Store it in a safety deposit box, in a strong safe or lockbox, on a cloud storage service, at work, or with a friend. Just make sure it’ll survive if there’s ever major damage to your home. Remember that’s what it’s there for!

Having your home inventory complete prior to a loss is highly recommended. The devastation of losing your home and possessions is unthinkable and can cause an incredible amount of stress in itself. Ideally you’ll never need to file a homeowner's insurance claim. However, an updated inventory can make the process faster and easier, and help you get the most from your insurance. It also provides you with peace of mind, knowing all of your possessions will be accounted for.

Contact a KnowledgeBroker for more information.

Topics: home inventory, homeowners insurance, homeowner's insruance, complete a home inventory

Gr-eight Ways to Save on Homeowners Insurance

Posted by Lauren Oleniczak

Family at HomeHomeowners Insurance is an important aspect of owning a home. It is a must-have product for those who wish to be protected homeowners. The insurance can, however, be very expensive. Here are some great ways to save money on your homeowner’s policy:

  1. Get a Home Security System

Home security systems are a terrific way of keeping your home and personal property safe from theft or any damage. If there is less theft or damage, there will be fewer claims. The cost of your homeowner’s premium will increase each time you file a claim. Certain companies offer up to a 15-20% discount on your homeowner’s premium for having a security system.

  1. Extra Security Measures

Installing other security measures such as deadbolts and window locks can prevent theft claims. Additional protection measures such as fire, carbon monoxide, flood, and heat detectors can also help prevent natural disaster and home damage claims.

  1. Have Good Credit

Most people don’t know this, but everyone has an Insurance Score that is loosely based on their credit score. Of course, there are other factors involved in this insurance score, such as driving history, employment history, and the number of risks on the policy, but credit score is a contributing factor. The better the credit score, the lower the homeowners premium.

  1. Bundle Your Policies

If you get multiple lines of insurance, try to bundle the coverages as a “package policy." Almost every company offers up to a 20% discount on all policies included in the package. This is the most efficient and cost effective way to purchase insurance.

  1. Get Multiple Quotes Before Purchasing Insurance

Getting multiple quotes from different insurance companies ensures that you are paying the lowest premium for the coverage you want. This is very easy to do with an insurance agent or broker, who often represent multiple insurance companies. Brokers, like R&R Insurance Services, will quote your policy with all their companies at one time to ensure you are getting the best deal on your policies.

  1. Be a Loyal Customer

Many companies offer discounts if you have your insurance with them for a certain number of years. This discount can be anywhere from 5-15%.

  1. Raise Your Deductible

Deductibles are what you will pay out of pocket for any losses before your insurance company pays for the rest of a loss. This is what you pay each time you file a claim. Most policies have a standard $500 deductible, but they can range anywhere from $250-$2500. Raising your deductible can save you up to 25% on premium. It is one of the easiest ways to lower your premium.

  1. Organization Affiliation

Some Companies will offer discounts for being associated with certain organizations, such as Employment Unions and organizations, age associated organizations, or having a certain type of credit card. Ask your insurance provider for a list of organization affiliation discounts. You may be entitled to a discount through something you are already a part of!

Hopefully with these tips you can save gr-eightly on your homeowner’s policy! If you would like more information on what a homeowner’s policy is, or general information on having a homeowners policy, contact a knowledge broker here at R&R Insurance.

Topics: Personal Insurance, homeowner's policies, homeowner's insruance