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December 30, 2016
Properly Insuring Your New Year
With a new year comes a time for reflection and a time to look to the future. This should hold true with your insurance coverage. While your insurance policy for your home or apartment should provide a sense of security; the new year is a great opportunity to make sure that your sense of security is well founded.
According to a survey by the National Association of Insurance Commissioners (NAIC), more than half of Americans don’t have a list of their possessions. Without an accurate inventory, you may not have the right home or rental insurance coverage. The things you own change constantly – new TV here, new bedroom furniture there – so you need to update your home inventory every year. Without an accurate inventory, you may forget to claim items lost in a fire, tornado or other covered peril.
There are many ways to create a home inventory. You can create a paper copy and write things down room-by-room. We’ve created this file to help you do it. Additionally, you can use a free home inventory app to capture images, descriptions, bar codes and serial numbers of your possessions. Be sure to share the inventory with your agent or insurer. Periodically update the list as you acquire new things.
Do you understand your policy?
A standard homeowners or renters policy generally provides coverage for either the actual cash value or replacement value of your property. After a loss, you will always have to pay your deductible as outlined in your policy.
Rental insurance is different from homeowners insurance in that rental policies only insure the contents of the home, not the structure. Policies vary from company to company, so be sure you read — and understand — yours.
Am I covered if someone breaks in and steals my stuff?
What if there’s a fire?
My home flooded, now what?
What about natural disasters like earthquakes and tornadoes?
What else isn’t typically covered?
If you don’t understand parts of your policy, ask your agent, your attorney or your insurance company for assistance.
For more insurance information, contact the Oklahoma Insurance Department at 1-800-522-0071 or visit our website at www.oid.ok.gov.
About the Oklahoma Insurance Department