Sure, You Have Fire Insurance. But Do You Have Replacement Cost Coverage?

California Wildfires Insurance Lesson

GREENSBORO, NC – Every day there is a house fire in our area. Every. Day.
  
No matter what causes the fire, whether it’s your cooking or a wildfire, homeowners policies cover you. But without these words, “Replacement Cost Coverage”, you might not get as much help as you think you deserve.
“If it would take $200,000 to rebuild a 1,500 sq foot house in this area, and you had $100,000 in insurance on that home, you're not going to rebuild your house, “ explains Alliance Insurance Services’ Christopher Cook. “So you have to make sure you have enough to rebuild your house, it’s not market value or tax value.”
So again, the magic words are “Replacement Cost Coverage”. And here's one more thing you need to keep in mind when it comes to your stuff, “because you don't remember all the tools, clothes, keepsakes you had, it's pretty tough to do if you haven't made an inventory.”

Make a home inventory. There are apps you can use. You can write it down, you can simply go around snapping a few pics.

Printable: Home Inventory Checklist


MAKING A HOME INVENTORY VIDEO

Try to capture everything you own. Opening closets, cabinets and drawers, describing what you see as you record.

Be sure to include what’s in your bookcase, art that’s hanging on the walls, and major appliances. And, capture brand names and serial numbers, so your insurer can replace what you had with exact - or similar items.

Focus on what’s valuable. You can skip the cleaning supplies in a closet, for instance. An insurance adjuster is likely to create a ‘bulk estimate’ for those things anyway.

Then, put the video onto a thumb drive and upload it into the cloud or stash it in a safe place, so it’s there when you need it.

 

© 2017 WFMY-TV


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