Sunday, December 02, 2007

INSURANCE / Ways to keep track of your valuable personal property / Home inventory can avoid misfortune after a catastrophe

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What is your material worth? That is a inquiry the Insurance Information Institute, a Manhattan industry group, believes everyone who have householders or tenants coverage necessitates to answer.

"No place is immune from a possible catastrophe," said Jeanne Salvatore, a senior frailty president and spokeswoman for the institute. "That's why a place stock list is so important."

Henry Martin Robert Owens, president of the Jesse Jesse Owens Group, an coverage federal agency in Englewood Cliffs, N.J., said people needed to be realistic about the substitution value of their personal property.

Jesse Owens said people tended to undervalue their property. "Do a mini-inventory," helium said. "Look in your cupboards and seek to calculate out what it would really be to replace all those lawsuits and dresses."

The best manner to maintain path of the value of your possessions, Jesse Owens said, is to maintain transcripts of gross in a location other than your home. "But you have got to be pretty compulsive to do transcripts of every reception and then hive away them in a secondary location," he conceded.

Another manner to acquire an accurate thought of what you have got would be to travel from cupboard to closet, room to room, and take digital pictures.

Mark Schussel, frailty president and public dealings director for the Chubb Group of Insurance Companies in Warren, N.J., said it is of import to take images of furniture, furnishings and even architectural improvements to the home.

A short listing would include old or alien moldings, columns, Bannisters and other woodwork or plasterwork; hearth mantels; unusual windows (like stained glass and skylights); expensive chandeliers; built-in bookcases; billiard tables; bathroom counters and cabinetry; place theaters; vino cellars; and bars. (It is also wise to have got things like antiques, artwork, carpets and expensive musical instruments appraised periodically.)

Michael Spain, proprietor of the Kingdom Of Kingdom Of Spain Agency in Mahopac, N.Y., said most householders policies supply "contents coverage" for 50 to 70 percentage of the insured value of the home. "So there is usually plenty of coverage, as long as you can turn out your loss," he said.

For co-op, condominium and rental policies, however, policyholders must find how much coverage they necessitate for their contents. "So you have got to be accurate," Kingdom Of Spain said. "And everyone should take a firm stand they are insured for replacement-cost coverage."

But what make you make with all these images and records?

Experts urge that such as information be kept somewhere other than the place - at a relative's house, at the business office or in a safe-deposit box, for instance. The Insurance Information Institute, however, have made that easier and taken it one measure further.

The institute's free Know Your Material - Home Inventory Software ( ) do it possible to hive away records of your material by combustion them onto a cadmium or printing out a room-by-room written document that tin be stored off the premises.

The up-to-the-minute version of the software system offerings an optional service known as Vault 24, which maintains your stock listing list online. A basic business relationship - at - costs about $15 a year.

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