Home Contents Insurance - Does Your Policy Cover Your Furniture?
Maybe. You need to have Home Contents Insurance to make sure that your furniture and household belongings are covered in case donating cars loss or damage.
There are two major types of home insurance that you should have to be fully protected if you are a victim of a disaster or property crime.
A traditional homeowner's policy protects your real property. Real property is your home, garage or carport, sheds and outlying structures. If your home is damaged or destroyed by a covered event, the insurance company will have an adjuster come out to your home and help you file a claim for financial compensation based on what he/she deems to be your financial loss. This money can only be used to repair or rebuild your home so that you can continue to live in it so that you can pay your mortgage.
Home contents insurance is a separate policy that covers your personal property. This includes the contents of your home and personal belongings. Many traditional homeowners policies provide personal property coverage for 50% of the amount of insurance you have on your home. If this isn't enough, you can increase your coverage or buy a Replacement Cost Insurance Policy that will cover your items for what they would cost at today's prices.
Sometimes, home contents insurance is also called personal property insurance. For people who are rental tenants and don't own the home they are living in, it can also be called a renter's insurance policy.
If you haven't done a household inventory, then that's the first thing you need to do to make sure that you know what will be covered in a home contents insurance policy. If you have a video camera, you already have what you need to do a walk-through of your home and capture on video the belongings you want to cover in an insurance policy. After you've done a video of your furniture and personal belongings, be sure to look for the original receipts for the more expensive items. It's best to store your receipts in a location away from home, perhaps in your desk drawer at work or in a safe deposit box. Be sure to let someone else know where you have put it.
Below are some of the items that are covered by a home contents insurance policy. When you think of the items that you own, don't only limit it to furniture. Look at the list below and you will begin to see just how much you would need to replace if you were the victim of a disaster or property crime.
Carpet, area rugs
Window coverings and drapes
Artwork, heirlooms, collectibles, antiques
Furniture, baby furniture, couches and love seats, tables, dining room sets
Fine china
Outdoor furniture, lawn furniture
Light fixtures
Sports equipment, bicycles, golf equipment, scuba gear
Electronic equipment, computers, laptops, ham radio equipment
Appliances, refrigerator, freezer, stove, microwave
Jewelry
Lawn tools, generator, riding lawn mower
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