SHARP HOME

Tuesday, 28 June 2011

How to Ensure Your Home's Valuables Are Covered

Wedding rings can sometimes be expensive and
almost always have sentimental value. 
Valuables such as jewelry can be some of your most cherished --and expensive-- possessions. If your home was victim to a break-in, would your valuables be covered by your insurance provider? And if so, do you have the appropriate documentation to prove that something in particular was stolen? An insurance company paying out on a home insurance claim will request some form of proof that you owned something that was stolen. Here are a few quick tips to help you with the process of documenting your possessions.

Get out the video camera
One of the best ways to document your valuables is to go through each room of your home with a video camera and describe all the valuables you want covered. You should explain and describe each object and zoom in on any serial numbers that may be engraved into the item. Also, be sure to keep the video recordings in a secure place, so that they won't be destroyed in the event of a fire. Better yet, upload your video files online to ensure that they won't be damaged. With the advent of cloud computing, hosting your video files on a far-away server is easier than ever.

Keep those receipts
A good habit to get into is keeping all receipts of jewellery purchases. Like videotapes, it's important to store them somewhere that's firesafe. You can either invest in a fireproof file cabinet or store them at an external location. Also, keep in mind that receipts fade; photocopy or scan them immediately after purchase.

Have up-to-date appraisals 
For items that improve in value with age, make sure to have current appraisals from certified appraisers. Insurance brokers will base their claim payouts on certified appraisals that you provide. If they are out of date, it may be difficult to adjust for the increased value. To find an appraiser near you, visit the Canadian Association of Personal Property Appraisers' website.

Web-based help
There are simple web-based systems of storing information about your valuables. Knowyourstuff.org is one such system. Its simple inventory allows you to document the items in your house in case you encounter a burglary, fire or other event that ruins valuables.

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