One big expense that most of us face every month are insurance premiums. When you add up your coverage for your car, house, health and life, it can seem to be a pretty big chunk of your budget! Well, the thing is you do have that big expense, but you also have an opportunity to lower that bill. In fact, experts tell us to evaluate our policies periodically. Our own circumstances change, and so do the insurer’s policies!

Online Insurance Quote Forms Can Help

One simple way to find the best homeowners insurance rates, is to use an online quote form. These forms are usually pretty simple to fill out, and they allow you to make a quick comparison of some of the top insurance companies without having to take the time to visit with several agents or insurers.

Look for Homeowners Insurance Discounts

You may consider taking advantages of some discounts too. This can be as simple as combining your auto and home insurance, because many insurers offer a multiple policy discount. Anti-theft devices, fire alarms, and other improvements that lower the risk of a claim may earn you a price break too.

Again, you can find the best home insurance companies, that will offer discounts for things you do to lower their risk, by comparing insurance quotes with an online form.

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While home insurance is an essential part of safeguarding your home and possessions, many policyholders let taking a home inventory fall by the wayside.

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Why take home inventory?

According to the Insurance Information Institute (I.I.I.), having your home inventory handy can drastically speed up the claims-filing process (meaning you get reimbursed for damages quicker), verify losses for your tax returns, and help you purchase the right amount of coverage to protect your valuables.

But don’t let the task of accounting for all of your possessions overwhelm you. We’ve compiled five easy steps for making home inventory easy.

Step 1: Make a List

Start your inventory by making a laundry list of your possessions, where you purchased them, and what you paid for them. When it comes to inventorying electrical equipment and appliances, make sure to record the serial or product number. This information can typically be found underneath and along the backside of appliances.

The I.I.I. recommends creating a separate category for clothing, counting each piece and making note of any items which are especially valuable (an antique fur shrug, designer clothing, etc.).

Make-it-easy tip: If making a list seems intimidating, start small. Document recent purchases and large items first and work your way down towards older and smaller items.

Step 2: Single Out the Most Valuable Items

Antiques, artwork and jewelry can be particularly devastating to lose. Once you’ve made your list, make sure to single those items out. If you’re not sure what they’re worth, it’s a good idea to have an appraisal done so you know how much coverage those items need.

More importantly, you should ask your home insurance agent if those items will be covered by your home insurance policy. Some items, like those mentioned above, may not be covered under a standard policy. If that’s the case, you’ll need to purchase a policy extension called a rider to make sure they are covered.

Step 3: Snap Some Photos

Taking photos of your home and belongings comes highly recommend by insurance professionals. This way, you create a visual record for both yourself and your agent.

After you’ve photographed or videotaped your belongings, make sure to label the memory card, prints, or video tape, explaining what’s shown and when the record was made.

Step 4: Copy Your List to a Personal Computer

Remember that list you made earlier? You’ll want to enter that information onto a personal computer for safekeeping. In combination with your photos, video and paper lists, keeping an electronic file on hand will serve as an added layer of protection.

Make-it-easy tip: Store this file by emailing it to yourself or storing it in a central location such as those offered by Google (search “Google documents” to get the free applications). The I.I.I. also offers a free program called Know Your Stuff which you can use to document your belongings by room.

Step 5: Store Files, Lists and Photos in a Safe Place

Give yourself one more layer of protection, and store your home inventory materials somewhere outside of your home so that they can’t be damaged by flood or fire. Drop copies off at a friend or relative’s for safekeeping; your bank safe deposit box is also a great alternative.

Now that you’re on your way to creating a thorough home inventory, it’s important to remember to review this list annually, making adjustments for any items you’ve purchased or acquired, as well as any items you no longer own.

Keeping your inventory detailed and up to date will speed the claims process along if disaster strikes and ensure that you’re carrying the right amount of insurance coverage. So don’t be intimidated by taking stock of your possessions—use these tips to get it done quickly and efficiently!

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A home is more than just a structure where you live. It’s where you keep your possessions, relax after a long day and keep warm on a cold night. It houses your family and all your memories. That’s why it’s important to protect it with insurance, so that if an unexpected event occurs, you are covered.

What’s covered in a standard homeowner’s policy?

A standard policy has four main types of coverage: coverage for the structure of your home, your personal belongings, liability protection and additional living expenses.

Structure of Your Home

You should buy enough insurance so that you could rebuild your home if it is damaged or destroyed. Most standard policies also cover structures that aren’t attached to your home as well, such as garages and sheds.

Liability

Liability coverage protects against bodily injury and property lawsuits. It pays for your defense in court and any money you are required to pay, up to your policy limit. This includes no-fault medical coverage, if someone is injured in your home.

Personal Belongings

Most policies offer coverage of your personal belongings between 50 and 70 percent of the amount you have on your home. You should conduct a home inventory before you purchase insurance, so that you can determine what amount is needed. Most policies cover your possessions anywhere in the world.

Additional Expenses

If your home is damaged so badly that you must leave during repairs, a standard policy will pay for your hotel stay, restaurant bills and even reimburse you for money lost, if you rent out part of your home.

Is my home covered in the case of an earthquake or flood?

You need to purchase flood and earthquake insurance separately. Most insurance companies offer this type of coverage. They differ from coverage for other disasters. For example, earthquake insurance covers a percentage of the damages instead of a dollar amount. Talk to your insurer to get the specifics.

What’s the difference between actual cast value and replacement cost?

An actual cash value pays to rebuild your home, minus depreciation. A replacement cost policy pays to replace your home and/or possessions without a deduction.

Do I have to buy home insurance?

You aren’t legally required to have home insurance like you are car insurance. However, if you finance your home through a mortgage company, they will require you to have some kind of insurance policy. Even if your home is paid in full, it’s wise to have home insurance to protect your investment.

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