With a new year comes a time for reflection and a time to look to the future. This should
hold true with your insurance coverage. While your insurance policy for your home or
apartment should provide a sense of security; the new year is a great opportunity to make
sure that your sense of security is well founded.

According to a survey by the National Association of Insurance Commissioners (NAIC),
more than half of Americans don’t have a list of their possessions. Without an accurate
inventory, you may not have the right home or rental insurance coverage. The things you
own change constantly – new TV here, new bedroom furniture there – so you need to
update your home inventory every year. Without an accurate inventory, you may forget
to claim items lost in a fire, tornado or other covered peril.

There are many ways to create a home inventory. You can create a paper copy and write
things down room-by-room. We’ve created this file to help you do it. Additionally, you
can use a free home inventory app to capture images, descriptions, bar codes and serial
numbers of your possessions. Be sure to share the inventory with your agent or insurer.
Periodically update the list as you acquire new things.

Do you understand your policy?

A standard homeowner or rental insurance policy contains four parts:

• declarations page
• the insuring agreement
• exclusions section
• general conditions

A standard homeowners or renters policy generally provides coverage for either the
actual cash value or replacement value of your property. After a loss, you will always
have to pay your deductible as outlined in your policy.