2013 CoreLogic Storm Surge Report Estimates 4.2 Million U.S. Homes Valued at an Estimated $1.1 Trillion at Risk of Hurricane Storm-Surge Damage
Almost half a million properties at risk in New York…
KANSAS CITY, Mo. (Profitable.com) When choosing homeowners insurance, most consumers think more about the value of the home than about their prized possessions inside. When determining coverage needs, it is important to know all the “stuff” in your home that warrants special protection. Insurable items do not only include luxury items like jewelry and art, but also fun purchases that support personal passions.
Whether it is gourmet cooking gadgets, designer handbags or high-end electronics, what Americans invest in personal passions can have a profound impact on insurance needs. In fact, according to a recent survey(1), those passions may add up to a lot more than you think:
One of the best ways to make sure possessions are fully protected is to document them with a home inventory. Now, creating a home inventory is easier than ever thanks to myHOME Scr.APP.book, a new iPhone® application from the National Association of Insurance Commissioners (NAIC). The free myHOME Scr.APP.book app lets users quickly photograph and capture images, descriptions, bar codes and serial numbers, and then stores them electronically for safekeeping. The app organizes information room by room, and even creates a back-up file for e-mail sharing.
“A home inventory assures you know exactly what you own, and what it is worth, before you need to make a claim,” says NAIC President and Iowa Insurance Commissioner Susan E. Voss. “Our research, however, suggests almost half of all Americans don’t have an inventory of their possessions. Our new iPhone® app makes it easy to document your stuff. Knowing what you own will help you choose the right coverage in the first place.”
Taking Inventory of Your Home’s Contents
Documenting possessions with a home inventory is the most important step homeowners and renters can take to make sure they have enough coverage to fully protect and replace their valuables if something happens.
10 Steps to Complete a Home Inventory
Choosing Home Insurance That Fits
Keeping a home inventory also helps consumers stay on top of their family’s changing insurance needs. Consumers often are surprised by what is not covered under standard home insurance policies:
“Exactly how much you’ll be reimbursed for lost, stolen or damaged personal property can vary greatly from policy to policy,” says Voss. “A home inventory helps consumers determine what they need to protect and keep their policies up to date. Knowing what is and isn’t protected, and for how much, helps families prepare for the worst. The last thing you want when misfortune strikes is to learn your insurance policy won’t replace your losses. And by choosing coverage to fit their life stages, consumers also may save money.”
Consider the following life-stage related insurance facts:
Formed in 1871, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC has three offices: Executive Office, Washington, D.C.; Central Office, Kansas City, Mo.; and Securities Valuation Office, New York City. The NAIC serves the needs of consumers and the industry, with an overriding objective of supporting state insurance regulators as they protect consumers and maintain the financial stability of the insurance marketplace. For more information, visit www.naic.org.