Before we list the most common home insurance claims, here's a gentle reminder.
January is a great time to review your homeowners coverage to make sure you have the right coverage should you encounter a loss. The most important step is checking your home inventory list to make sure it includes any new purchases. You should also make sure your provider knows if you have updated your kitchen or bath, or added that sun room you've wanted for years.
How To Create A Home Inventory
If you haven't already done so, logging everything you have in your home may seem intimidating, but the Insurance Information Institute has a few tips on getting started so that should you face one of the most common claims incidents, your insurer will be able to refer to the list to help you replace everything you can.
Pick a contained place to start, like kitchen cabinets, closets, or sideboards.
Make (and keep up to date) a list of recent purchases while they are fresh in your mind.
Include a description of each item that includes where it was purchased, when, the make and model, and how much you paid.
Group clothing into categories by type, such as jeans/pants, sweaters, boots, tennis shoes, etc.) This will save you a lot of time. For special pieces, like a cashmere coat or tuxedo, list those separately.
Record the serial numbers for your appliances and electronics.
Make sure you have the right policy to cover expensive items like furs, guns, jewelry, etc. This is usually a rider on your main policy and should be kept updated with your underwriter.
Most Common Home Insurance Claims
Sources: III, ALM Property Casualty 360
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