Homeowners Insurance HOME

A standard policy insures the home itself and the things you keep in it.

Read More
Business Insurance BUSINESS

Discover the perfect insurance options to meet your specific and unique needs.

Read More
Life Insurance LIFE

Browse a variety of insurance options in order to find the right one for you.

Read More

 

Travel Insurance TRAVEL

Learn about different travel coverage options that fit your specific needs.

Read More
Boat Insurance BOAT

Finding insurance doesn't have to be difficult. We do the work for you.

Read More
Auto Insurance AUTO

Auto insurance protects you against financial loss if you have an accident.

Read More

Five Steps to Understanding the Value of What You Own

Understanding the value of what you own

 

Do you know the total value of your possessions? You likely have a sense of the major things you own, but the complete picture can prove difficult to discern. If ever a catastrophe or robbery strikes, your insurance company will ask you to estimate the cumulative worth of your belongings so that you can receive the correct compensation. This can be daunting. Not to worry: take the below steps to compile an accurate estimate.

1. Start big, go small

Over time, your home and life has likely become increasingly cluttered with possessions. When making a list and assigning values, start with the bigger stuff (e.g. house, jewelry, art, etc.). This way you can ease into the process. By the time you get to socks and sundries, you’ll be an expert. As you go, film and photograph everything so you have concrete evidence.

2. Consider the variables

Of course, the things you own seldom hold their value. In fact, all will either appreciate or depreciate over time; when doing the math, try to account for this. Also, talk to your insurance broker about the specifics of your policy and whether you will receive payment for a replacement without deduction for depreciation or the item’s value at the time of loss.

Consider the variables

3. Ask an expert

Chances are, you will not have expert knowledge about all of your effects and what they go for. Feel free to reach out to an expert for specific items. Don’t know what that piece of art you bought a decade ago is valued at? Try an art dealer. And so on.

4. Backup your list

When you have a solid account of your things, type it out, back it up, then back it up again. Email it to yourself. Store it in the cloud. Find a safety deposit box. Consider sharing it directly with your insurance company. Furthermore, if you can, keep paper records, tax files, receipts, warranties, government papers, and so on in an offsite location.

5. Update as you go

Possessions evolve. You acquire new material goods and some of those gain additional value. Once you know what you have, revisit it every few years to maintain its accuracy. And to streamline the process, keep records and receipts every time you make a new purchase.

Update as you go

So, now you know how to determine the value of what you own. Talk to your insurance provider to ensure you have the right coverage for your situation, and update it as needed.

Sources: 
Insurance Bureau of Canada – 5 Tips for Making a Home Inventory: http://www.ibc.ca/yt/home/risk-management/home-inventory
Intact Insurance Blog - https://blog.intact.ca/insurance/five-steps-understanding-value 

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version
Get A Quote
Facebook
Twitter
LinkedIn
Pinterest
Carriers
Carriers
Carriers
Carriers
Carriers
Carriers
Carriers
© Copyright. All rights reserved.
Powered by Insurance Website Builder