![]() ![]() McSweeney & Ricci suggests that the number of Massachusetts homeowners maintaining a home inventory is much lower than the NAIC’s figure. Only 44% of Americans have an inventory of their personal belongings and of those who do: one-third don’t have photos and 58% don’t have sales receipts. (3) It’s best to include the value for the items in your inventory so your claims adjuster can easily navigate the list, and ensure the claim is paid adequately for the covered items. An inventoried list of the items in your home makes all the difference in replacing your lost items through insurance, rather than your wallet.”ĭespite its advantages, many homeowners have not created a home inventory. According to the National Association of Insurance Commissioners (NAIC), “Taking inventory of the belongings in your home is essential to expediting the claims process, should an unfortunate event take place. McSweeney & Ricci Claims Manager, Julianna Parvani states, Can help verify losses for an income tax return.Helps you keep track of your belongings as they accumulate throughout the years.These items are better protected by a separate personal articles floater or endorsement added onto the homeowners’ policy. Items such as jewelry, art and other collections are covered from the perils listed on a typical homeowners’ policy (fire, theft, etc.) but may be limited to only $1,000 to $2,000 of coverage.In other words, if your homeowners’ provides $300,000 in coverage for your home, you’d have between $150,000-$210,000 of coverage for all your possessions, based upon your individual policy. A typical homeowners’ insurance policy includes coverage for your personal belongings that reimburses the loss, minus your deductible. However, m ost homeowners’ policies limit coverage for possessions to 50-70% of your dwelling coverage.Helps to settle insurance claims faster and ensure your homeowners’ insurance policy includes adequate coverage and limits for your specific needs. ![]() The Benefits of Creating a Home InventoryĬreating a home inventory may seem like a daunting task (especially if you’ve owned your home a long time), but there are many benefits, including: Which is why it’s important to create a home inventory with photos and video documentation, before disaster strikes. If a thief ransacked your home, faulty wiring caused a fire that burned several rooms, or wind and hail caused extensive water damage, would you be able to remember all your possessions in order to file a claim? The moments following a loss, can be stressful, traumatic and are not the best time to accurately recall your personal belongings. And each item you forget, is money you won’t be able to collect from your claim. (2) So, while it’s unpleasant to think about something unfortunate happening to your home and having to file an insurance claim, you should be prepared just in case. consumers expect to spend extra on themselves.” (1) Whether you’re planning to buy a big flat screen tv, a piece of expensive jewelry, a few pairs of Louis Vuitton shoes, new furniture or appliances, keeping track of purchases and creating a home inventory is an important step in planning for the unexpected.Įach year Massachusetts homeowners contend with weather systems creating wind, water, and other weather-related damage to their homes. According to ISO, about 6% of U.S. homes experience a property claim each year. Inventory Personal Effects to Speed the Insurance Claims ProcessĪfter Coronavirus and more than a year in lockdown, people are looking to buy themselves something special. According to McKinsey & Co this year, “more than 50% of U.S. ![]()
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