Working With Your Auto Insurance CompanyWorking With Your Auto Insurance Company

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Working With Your Auto Insurance Company

Over the years, you can really struggle with your car. From surprise accidents to issues with damaged windshields, it can be pricy to have a car, much less replace it when things go wrong. Without the right auto insurance policy, you could even end up paying for repairs and other improvements on your own, costing you loads of time and money. The purpose of this website is to make it easier for other people to identify issues with their cars, so they can take care of things quickly and easily. Read more about tips for improving your car, so you won't have to worry about problems.

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Do You Really Need An Inventory Of Your Personal Property For Home Insurance?

It is not uncommon for people to choose coverage for their personal property by basing it on a percentage of the structure of their homes. This is an easy way to compute how much personal property coverage to have, and the rate is often around 50%. This means if you insure your house for $300,000, you should have $150,000 in coverage for personal property. If this is the case, do you really need an inventory of your personal belongings? The answer is yes.

How Compensation Works After a Complete Loss

While there might be slight differences with the way coverage works when comparing different insurance companies, most operate in the same way. When a policyholder experiences a complete loss of their home, the insurance company does not just hand over a check for the amount of coverage they had. In other words, in this example, you would not just receive a check for $150,000 simply because you lost everything.

Instead, a policyholder is required to prove they need that much money to replace all the things they lost. They must give the insurance company a detailed list of every item they lost, along with the value of the item. The insurance company then uses this list to determine how much compensation to offer. The $150,000 amount would be the maximum you could get, but you might not get even close to that amount.

How Your Inventory List Helps

Having an inventory list helps you in two ways. The first way is by giving you an easy way to remember what you had. With a list like this, you will not have to guess. Secondly, it helps you prove that you really had the things you had, and this will make it easier to settle your claim with the insurance company.

Some Items on the List Might not Be Covered

There is a chance that some items on your list will not be covered, and this primarily refers to items you should have endorsements for. An example is a rare painting you own that is worth $25,000. You cannot receive coverage for an item like this unless you specifically had coverage for that item on your policy through an endorsement.

If you have not yet created an inventory list of your personal property, you should consider doing this. It will make it easier for you to handle a claim if you ever need to. If you have questions or need coverage, contact a homeowner's insurance agency like Oliveira Insurance Agency.