It’s a New Year: Time to Update Your Home Insurance Inventory

Was 2017 a great year for you and your family? You may have expanded your collection of fine art, purchased some designer clothing for your wife, and upgraded your living room with new furniture and electronics.  If you haven’t updated your Brecksville, OH home insurance policy from Ganley Family Insurance, it all might be lost if a fire destroys your house. With an updated inventory, you will have the opportunity to make sure this year’s wealthy won’t vanish overnight.

Why do I Need an Inventory?

Most home insurance policies provide a maximum amount to pay out for your personal possessions in case of total loss for your home.  However, if you look at your policy, it is quite likely that your high-end entertainment system would end up being replaced by a budget theater-in-a-box as that lump sum only covers the value of items at the time of loss–not what it would cost to purchase them new.

What Kinds of Items are At-Risk?

If you are fond of spending money on unique pieces of art, memorabilia, and designer fashion, each item must have a declared value on your inventory if you really expect to recoup your losses.  High-end electronics, antiques, jewelry, and custom furniture should also be included on the list.  Anything that is sold with a perceived value vs. the common cost for that type of item should be included. 

Full Replacement Value vs. Actual Cash Value

You may wish to stipulate full replacement value on your Brecksville, OH home insurance policy for these valuable pieces.  This ensures that their value at the time of loss is not calculated with depreciation in mind, as collectibles may rise in value over time.

Give your friendly agent at  Ganley Family Insurance a call and discuss how best to protect your most cherished purchases against loss.