Do You Know What Your Renter’s or Homeowner’s Insurance Covers?
(and options for those whose insurance carriers dropped them).
With the tragic fires in Los Angeles and constant storms and flooding around the country, it's time to take a good look at how prepared you are for an emergency and not only create or update your emergency kit with food, water, and other necessities, but also get to know what your renters or homeowner's insurance actually covers. This is vital information to ensure that you’re not under-insured in the case of a fire or burglary, and may extend to the loss or damage of items in a storage unit (they can get flooded after a heavy rain) or during your next move.
According to a recent survey from the National Association of Insurance Commissioners (NAIC), more than half of Americans don’t have a home inventory of their belongings, putting them at risk for inadequate home insurance coverage.
In the event of a burglary, fire, or other disaster, a home inventory can help account for stolen and damaged items. In order to make a claim to your insurance company, you’ll need to provide a detailed list of your property and their worth. It makes the renter’s and homeowner’s insurance claims process easier, faster, and can help to receive a fair settlement. At tax time, a home inventory provides documentation to support tax-deductible property losses.