It's Critical to Increase Your Property and Contents Insurance
Thursday Mar 09th, 2017
So often, once we bought our home or have lived in it for a long time, we neglect to continuously take stock of what's inside. Our property/building insurance is in place but the value has increased, and we accumulate small and large valuable items that require protection too.
When was the last time you thought about the increased value of your property and what’s inside your home?
First, I advise ensuring that your real estate property (the building) insurance is at current market value –a fire or a flood (pipes bursting) could destroy your beloved home. It's very easy for me to provide you with a complimentary Letter of Opinion documenting this market value for insurance purposes.
Secondly, and, of course, and I wouldn’t wish this on anyone, but home theft victims discover too late that their real estate contents insurance doesn’t cover replacement cost of their jewelry, electronics, furniture, appliances, heirlooms, artwork etc. And again, if there’s a fire or a flood so many of your treasures could be lost.
I know that we underestimate what we’ve accumulated over the years. So I'm asking you to do a comprehensive inventory update. Then, talk with your insurance broker to increase the insurance value of these items, by way of a rider, on your policy. Most insurance policies allow up to a certain amount for jewelry, art, & furs coverage however over a specific amount certified appraisals are required.
Actually, insurance companies believe that an overhaul is important every 3 years to review any purchases, inheritances, upgrades that require higher coverage. Safety deposit boxes are often very helpful but accessing them every time you want to wear that piece of jewelry might be a little difficult and time consuming.
Please also review your old and then updated policies with your insurance provider so you understand whether you have critical replacement value. Cataloguing your valuables and possessions with photos also makes it much easier for a claim, if you ever need to make one.
Residential homes, inside and out, need the right insurance on an ongoing basis. My goal is always to give you investment peace of mind now and for the future.