This is a sponsored post written by me on behalf of Nationwide Mutual Insurance Company. All opinions are 100% mine. Nationwide provided me with information regarding its blog post.
An interesting topic that has come up is whether or not all items in your home are covered by your homeowner’s insurance. Most people, like me, have no idea that additional insurance may be needed on items in your home. Rather than waiting until something happens, being prepared now is a good move.
Here are some tips for understanding what’s insured, not insured, and what needs extra insurance in your home.
Knowing what your policy covers
When it comes to owning items and storing items in your home, you should be aware that not everything is covered under your homeowner’s insurance. You may need to have extra insurance on the items that you do not physically own. Knowing what your home insurance policy covers is an important step in making sure you are not surprised when and if something does happen to your home. Of course, you don’t want the owner of the items you are storing to be surprised either. There’s nothing worse than losing your items and then realizing homeowner’s insurance doesn’t cover it.
Know those sentimental things do not come with extra coverage
Whenever a house fire or flood happens, it’s always the little things that are missed the most. This is a great time to look at the sentimental things in your home and realize that those things will never be able to be replaced monetarily. Always make sure things like baby books, scrapbooks, or anything else that means something to you in an emotional way can be backed up. Keep in mind that your insurance is only going to recover the cost of the item, they can’t replace the original item. Although this may be sad and shocking information, it’s so important that you know some things are irreplaceable.
Create a spreadsheet for your own sanity
When it comes to knowing what’s insured and what is not insured, it’s best to have a household inventory of sorts. You’ll want to list and photograph items that belong to you. This inventory will often include items that are of actual value. This is a great step to list what needs additional insurance like:
- Fine furniture
- Genuine Jewelry
- High-end electronics
- Sterling silver
- Art with an established provenance, such as signed limited-edition prints
The items listed below are probably already adequately insured under your homeowner’s insurance:
- Easily replaceable items such as not-rare books, electronics, and appliances
- Unfinished projects
- Nonfunctional and obsolete electronics and appliances
- Office supplies, pantry inventory, and other consumables
- Holiday decorations
To learn more about what you should insure, head on over to Nationwide’s Blog, In The Nation!
Now let’s chat: When it comes to your home, you own memories and things. Make sure your things are adequately insured, so you don’t lose both. When you realize that your home contains two different things, you can make sure your insurance investment is done on what matters most. What’s Truly Valuable in Your House?