![]() An actual cash value payment would pay your only the depreciated value of your items, not new replacements. Make sure your policy covers the replacement value of your possessions, not the actual cash value.Does it appear to be enough to replace all of your furniture, rugs, curtains, clothes, appliances and other possessions? Check your policy’s declarations page to see what your contents limit is. A homeowners insurance policy will have specific coverage limits for “contents,” meaning your possessions.Scheduled personal property is an add-on to homeowners, condo or renters insurance to insure high-value items for their full value. If you have valuable items, you can “schedule” them. That’s because homeowners insurance might put a special sub-limit on certain types of items.įor example, a common homeowners insurance policy puts a $1,500 limit on theft coverage for jewelry and watches. While you’re documenting all of your stuff, it’s a good time to take a look at high-value items such as jewelry, musical instruments, artwork and electronics. Re-Evaluate Your Insurance on Valuable Items Please see our Privacy Policy for more information and details on how to opt out. Some apps may not be available on all operating systems and may require in-app purchases.īy providing my email I agree to receive Forbes Advisor promotions, offers and additional Forbes Marketplace services. Review information about filing insurance claims.The National Association of Insurance Commissioners recently launched a home inventory app (available in the App Store or through Google Play) that has the ability to: You can use an app for your smartphone or tablet to list items, store photos and video. If you’re taking a video, it’s a good idea to describe the item, its estimated value and the date of purchase. If possible, get a clear shot of the serial number. Take a walk through your house and capture each item. ![]() If you have a smartphone, you have the tools you need to record your personal belongings with photos or video. Or, group together items like antiques, artwork, clothes, collections, jewelry, kitchen items, furniture, musical instruments and miscellaneous items.
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