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Post by missysauter on Apr 30, 2015 18:58:48 GMT
I was on Facebook with a group of friends and we started talking about how much coverage you should have for the contents of your home. I'm perplexed as to where to even start on how much it should be. We are a family of four with computers, cell phones, gadgets, a scraproom STUFFED to the gills with product, smaller appliances, etc. I talked to DH about my concerns of being under-insured and he pulled out our policy. We have $178,000 of coverage for contents.
Does this sound like a reasonable amount to you? Do you think you have enough coverage to replace all your contents in the event of a horrible disaster? How did you go about figuring out how much insurance coverage to have?
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Post by idahomom on Apr 30, 2015 19:12:02 GMT
I don't recall specifying the amount of our coverage, but the amount looks reasonable. Our coverage for personal property is $187,600.
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Deleted
Posts: 0
May 3, 2024 6:52:34 GMT
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Post by Deleted on Apr 30, 2015 19:17:42 GMT
I've been out of insurance for a long time, buy typically (at least in the olden days) the amount listed under contents is a percentage (about 70% or so) of your dwelling coverage.
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Deleted
Posts: 0
May 3, 2024 6:52:34 GMT
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Post by Deleted on Apr 30, 2015 19:34:45 GMT
It's my recollection that personal property coverage is a percent of the home coverage (ours, through USAA is 80% of the home value), as GaJenny said. However, you may have some things you'd want to have riders for. We have a couple things, including DH's music collection, that we have extra coverage for.
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freebird
Drama Llama
'cause I'm free as a bird now
Posts: 6,927 
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Post by freebird on Apr 30, 2015 19:37:13 GMT
I THINK ours is $60k and then we have riders for art, antiques and jewelry. Good question, I should look into it.
I really could replace everything in my house for that... and get some nice things.
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Post by kristi on Apr 30, 2015 21:46:36 GMT
For most companies, it is a percentage of your dwelling/building coverage. Ours is 75%. Is usually higher than most people would need. Certain items like jewelry that have high values should have their own policy.
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Post by kellybelly77 on May 1, 2015 0:47:20 GMT
You should also check out your state insurance commissioners office website for resources. Our last commissioner did a ton of outreach to consumers on this very topic. They recommend creating a home inventory of your belongings because it's hard in a crisis to remember exactly what you had. And all those little things add up quick. It's not just furniture, but all your Fiesta Ware  , sheets, Christmas decorations, etc. There is a home inventory app for smart phones that I believe the NAIC put out that allow you to photograph things and add your contents with notes about the item. Honestly though, I never have done it! Good idea, but it would take forever! |
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Post by traceys on May 1, 2015 1:01:11 GMT
You should also check out your state insurance commissioners office website for resources. Our last commissioner did a ton of outreach to consumers on this very topic. They recommend creating a home inventory of your belongings because it's hard in a crisis to remember exactly what you had. And all those little things add up quick. It's not just furniture, but all your Fiesta Ware , sheets, Christmas decorations, etc. There is a home inventory app for smart phones that I believe the NAIC put out that allow you to photograph things and add your contents with notes about the item. Honestly though, I never have done it! Good idea, but it would take forever! Yes. Yes, yes!! Please take the time to do as much as you can. I had a frozen pipe burst above a bedroom full of off-season storage. My first reaction was salvaging what we could and getting as much wet stuff out as possible. When it came time that I had to do the insurance claim I did not know beforehand that I was expected to detail every item. I could not say "10 pairs of shoes at 20.00 each" even though the amount was probably half of what I had paid for most of them. I had to list and value every pair. Same with articles of clothing. It was a huge pain and I ended up just not even claiming much besides the larger, higher value items (furniture, TV, etc). It is really harder than you think to pull that information out of your head. So any documentation you can do is well worth the time and trouble. |
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scrapaddie
Drama Llama
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Post by scrapaddie on May 1, 2015 3:10:56 GMT
And we wonder why people post about past dramas! LOL
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, sheets, Christmas decorations, etc. There is a home inventory app for smart phones that I believe the NAIC put out that allow you to photograph things and add your contents with notes about the item. 
