Take action and review your home insurance
Wednesday, May 28, 2014 5:00 PM
CARSON CITY - Fire season is just around the corner and Nevadans are urged to prepare their homes. There are many things to do to prepare your home for fire, it's also important to have adequate insurance to protect yourself financially if a fire were to damage your home. To do this, the Nevada Division of Insurance recommends that you conduct a home inventory and an annual policy review.
This inventory and review will ensure appropriate and adequate coverage is in place to protect your home and belongings.
The first step is to make a home inventory. Document all of your belongings, and be sure to include home improvement items, electronics and other specialty items like jewelry. It is helpful to take photos or make a video of all your belongings and set up a file to store receipts for purchased items.
The Division has resources available on its website to help homeowners and renters. This include s a home inventory checklist for download, as well as a free myHOME Scr.APP.book app for iPhone and Android. The app guides the user through making an inventory, and storing it electronically for safekeeping.
Before calling your insurance agent or insurance company read your insurance policy and declarations page which shows your coverage levels. When you call, ask for an "annual policy review." During the review disclose the contents of your home inventory, and ask if the current insurance coverage is adequate.
Other questions to ask during your policy review:
Have any changes been made to the coverage levels since the last renewal; if so, by whom and why?
Does your policy provide for replacement cost or actual cash value coverage? Replacement cost is the amount it would take to repair or replace your home or possessions. Actual cash value is an estimate of what the item is worth now. It is determined by deducting depreciation from the replacement cost.
Some valuables require special coverage. Tell your agent about any big ticket items such as electronics, jewelry, fine art or off-highway vehicles and ask if you need special coverage.
Be aware that your home insurance does not pay for any damage to your car even if it is parked in your garage when it sustains damage. Damage to your car will only be covered by the comprehensive portion of your auto insurance policy.
If you are a renter and you have renters insurance, you should also conduct a home inventory and policy review.
If you don't have renters insurance you should consider purchasing it. Your landlord's insurance will generally protect the structure but not your belongings. Renters insurance is inexpensive and typically protects your possessions from all the perils that traditional home insurance would.
For more information about home insurance or to contact the Division with a question or concern visit doi.nv.gov.