You’ve lost your wedding ring. Perhaps you’ve lost an important piece of art. When something of value goes missing, you may initially feel like there is nothing you can do about it. However, there generally is. Many times, your home insurance is there to help provide for the losses you face from lost or damaged property. There are some limitations and some steps to take now, before you are struggling with this type of loss, to minimize the risk that your home insurance doesn’t meet your needs.
Ensure Your Item is Covered
A first step is to ensure your personal property is covered under your policy. If the item is of very high value, it is always best to specifically name the item on your insurance policy. At the same time, you also want to be sure that the coverage you select has enough of a claim limit to cover the value of that item. If this is not the case, a rider or add-on insurance policy for that item may be an important investment.
Contact Your Insurer
If you’ve lost something and you want to file a claim, call you home insurance provider as a first step. They will discuss the type and amount of coverage you have for that item. One key area of focus is on how much they will give you for your lost item. Actual cash value policies pay you the fair market value of the item if it were sold today in the condition it is in. Replacement cost coverage, on the other hand, tends to be more comprehensive and can provide enough to replace the lost item at whatever cost that might be.
Check Your Inventory
Your insurer will likely ask if you have a home inventory list. If your item is not specifically listed on your property insurance, an inventory, which may include a photo, can help to prove you owned the item. Having this can help solidify your claim.
Ultimately, home insurance is here to help you to replace items lost or damaged through no fault of your own. If your policy does not provide enough coverage for your high-end valuables, it may be time to upgrade to further protect your investments.
We’ve got you covered. Call Peachstate Insurance at (877) 997-2478 for more information on Douglasville home insurance.