Protect Your Valuables with Home Insurance

This month has seen a number of media reports reminding people that the advent of the hurricane season brings an increased need to focus on storm preparation and securing one's property.

People living in storm-prone areas can often reduce damage from hurricanes, as well as the size of any ensuing homeowners insurance claims, by taking steps like placing plywood over windows and reinforcing garage doors.

However, people also need to pay attention to valuables that could be lost or damaged by hurricanes or other eventualities, especially when it comes to homeowner insurance policies. In fact, one of the most important things a homeowner can do in the event of a storm, fire or other natural disaster is to have a list of valuables that are covered under one's policy. This is even more useful if photographs and receipts can accompany the list.

The report noted that this can be particularly useful for homeowners whose deductibles are higher than the cost of replacing a specific item.

Regardless of any weather factors, insurance experts have long advised consumers to be sure their current home insurance policies are still sufficient whenever a new big-ticket item, such as expensive jewelry or a large-screen television set, are added to a home.

When it comes to specific items like jewelry, the Insurance Information Institute has advised consumers that a floater or endorsement to an existing policy can often by sufficient. These are also available for renter's insurance policies, which can provide equally valuable protection to those who do not own a home but have valuables they would like to protect.

Elsewhere, a recent Bloomberg report added that a homeowner's collectibles may also need protection under a home insurance policy. That particular article featured a man with a $2 million colonial American furniture collection, but also noted that even things like coin and comic book collections may need protection from theft, fire and other losses.