BEDROOM Don ’ t forget :
• Book collection
• Clothing , shoes , accessories
GaRaGE Don ’ t forget :
• Camping gear
• Ski equipment
• Bicycles
LIVING ROOM Don ’ t forget :
• Art and collectibles
• Gaming system
• PVR / streaming device
BasEMENt Don ’ t forget :
• Hockey and baseball cards
• Memorabilia and antiques
• Record collection
That ’ s when your home ’ s insured value versus market value factors into the equation . “ The insurance value of the home does not include the value of the land ,” Kee explains . Together , the land and the improvement — your home and its contents — make up the market value . If you make a claim , you ’ ll get a settlement on the home , but don ’ t bank on taking the money and pulling up stakes . Most policies have a requirement that the home be rebuilt on the same site .
Look at the big picture too . “ Virtually every home policy would cover fire and the damage to vehicles — if you have comprehensive coverage on those vehicles .” Talk to your insurance advisor about your options and what it means in different claim situations .
Upgrade your home , upgrade your policy Whether you ’ re rebuilding after a loss or renovating , remember that upgrades can significantly add value to your home — especially kitchens and bathrooms , which typically offer the highest return on investment . Such improvements can also affect how your property is rated , so let your insurance rep know when you renovate , Kee advises . Before you even start , it ’ s a good idea to read up on your policy ’ s liability coverage . And ask for your contractors ’ credentials to make sure they ’ re insured too .
To claim or not to claim ? If the time comes to consider making an insurance claim , first weigh the cost of your deductible against your estimated loss . If you have a $ 1,000 deductible , for instance , forgoing claim-free status for a stolen camera worth $ 1,200 might not be the best move . With larger claims , the cost of the deductible comes off the top of your settlement so you won ’ t be out of pocket .
Kee offers two parting pieces of advice : Scrutinize your policy and talk to an insurance representative for expert advice . “ Insurance is there to protect you and help you recover in times of crisis .”
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