Tuesday Tips: Know the replacement value of your possessions

appraisalHomeowners insurance includes a lot of complicated variables that can be difficult to understand. Luckily, there are local agents at Community Insurance & Associates to help you through the process of acquiring a homeowners policy that will protect you from several perils.

When a claim occurs, homeowners need to report the incident to their insurance company. In order to receive the full replacement value for your possessions, you must have your items regularly appraised to determine the replacement value. Many people think the replacement value is the cost of replacement, but that is not always the case.

In today’s installment of Tuesday Tips, we would like to give you advice on how to have the valuable items in your house appraised so you are able to get the replacement value of these items in the event of a claim.

  • The best way to appraise the value of your items is to create a list/inventory that includes receipts, pictures, and other evidence of the items value.
  • Visit our Homeowners Insurance page to get access to an app to assess your home inventory.
  • Insurance companies will automatically assume your items depreciate with age and use, so keeping evidence of the amount you paid when you purchased valuable items is important.
  • When you acquire new expensive items, make sure to inform your insurance company so the item can be listed on your policy.
  • Regardless of the type of homeowners policy that your have, it is important to have a inventory of the items in your home.
  • Don’t forget to have a home inventory for your summer home or up-north cabin.

If you have any questions as to what should and should not be appraised, please give a local agent at Community Insurance & Associates a call today.

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