Home Insurance?

Question

How do insurance companies know how much to give you if anything happens to your house, such as a fire or a flood? I know they will know how much the house is worth, but how do they know what was in the house and how much to give you for the personal belongings in the house?

Answer 1

they will have inventory forms for you to complete, you will need to describe the furniture and contents of each room, it helps if you have receipts, you should also have your own list and photos
or videos to help yourself in this situation, don't forget the backs of closets and the garage and attic

Answer 2

Sometimes, insurance companies look at the comparable value. What houses similar to your are sold for or appraised for. They can also take into consideration what the rebuild cost of your house would be.
As for personal belongings, I think it's just an average. They'll only cover so much on those...

Answer 3

The more documentation you have, the stronger your claim will be. You also need to make sure that your coverage is enough. Lenders generally only require enough coverage to pay off the mortgage, so due to appreciation and paying down the mortgage you could be left with not nearly enough to re-build.
Also hazard insurance usually does not cover floods, which must be insured against separately.

Answer 4

Ditto to the prior answerers on the importance of an inventory. You'll have to provide this at the time of loss. Keep a copy safe at your office or somewhere else safe off-site. Also, you will want to check your coverage to see if you have replacement cost or actual cash value on your personal property. The default is actual cash value, which means that you'll get thrift store value for your Armani suit that would cost $1,000 to replace. You'll pay a small extra premium for replacement cost, but in event of loss it is well worth it.

Answer 5

For the stuff in the house, YOU need to provide them with a list, and an approximate value.

I strongly recommend walking around your house with a camcorder, in closets & cabinets & drawers, just give a running commentary while you do it. And store the tape Somewhere Else - like at your workplace.

Answer 6

Take their help, I insured with them my home

"http://www.kqzyfj.com/email-1961891-10425138"

Answer 7

there is a limit for personal belongiings and i guess either you need to have proof or reciepts but its a high limit like 30k

Answer 8

Somehow amazingly.