My wife and I recently sold the first house we ever bought. After six years, we are packing up and moving on. It wasn’t until I opened the door to my basement storage, that I realized how much “stuff” we had accumulated over the years. Being the type of person that tends to throw things out without much thought, everything in the basement storage we use regularly. That’s when it occurred to me, I don’t know how much personal property is in my house. This got me thinking about something I always advise my customers to do at least annually: Walk through your buildings and either photograph or video the personal property you have in each room. We do this for a couple reasons; the first being that if you were to sustain a loss, we would have a good idea of what was there. The second reason being, so we can easily calculate the amount of personal property you have. I suggest this because if something were to happen to your building, you’re not going to remember, or care, how many tables were in that back-storage area or an exact number of chairs that were in the sanctuary.
Here’s an article from one of our companies that gives a little more detail on how we’re able to determine the level of coverage you need.
I have seen a growing trend recently, some insurance quotes are very heavily underinsuring personal property in hopes to save money. Let me be the one to tell you, you’re not saving that much money. The entire point of insurance is to make you whole after a loss, and we take that seriously. I am comfortable with every policy we write, because I know that if the worst should happen, my team put coverages in place to get you back on your feet and make you whole.
Don’t try to save a couple of dollars by cutting coverage, especially when there are other options available. You might be surprised at how fast things start adding up once you really look.