Do you have enough home insurance?

Perhaps your aunt has recently left you some jewelry in her will, or maybe your CD collection has grown to an impressive size. Or, it might be that you’ve finally decided to purchase the ultimate in road bikes. The question is, are the contents of your house worth more than they used to be? If so, you should check your home insurance coverage. It’s possible that the value of your assets is worth more than the amount your insurance company would give you in case of a fire, theft, or other disaster.

There are set limits in all home insurance policies. A limit is the maximum amount of money you would receive if you were the victim of theft, fire, or other type of damage. While certain assets are only subjected to limits if stolen (jewelry, furs, collectables, bicycles, CDs, DVDs), other possessions have limited coverage no matter what type of claim you file, such as animals, software, and banknotes. If you don’t know what limits are stipulated in your home insurance policy, be sure to contact your insurer. You can increase your coverage to an appropriate level if you believe that an asset is worth more than the value indicated in your policy.

Whether you rent or own your home, you should always take the time to make an inventory of your assets before taking out a home insurance policy. At the same time, you could also take photographs or make a video of the objects you value. Not only will this inventory simplify the process if you have to file a claim, but you’ll also be able to identify all the assets that need to have their value increased in your insurance policy.

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