May 22, 2006

Know Your Stuff

The Texas Coalition for Affordable Insurance Solutions recently launched a consumer education campaign to encourage Texans to take advantage of the growing insurance marketplace by shopping around for home and auto insurance.  TCAIS is committed to providing information to help Texans make wise decisions about their insurance needs. 

This month, we continue with some insurance basics to protect your belongings in the event of a loss.

Taking an Inventory of Your Home

Nobody ever wants to think about a total loss of your property and belongings, but recent disasters across the country have shined a light on the importance of being prepared for such an event.

The Insurance Information Institute recently launched a Web site that will assist homeowners and renters to take an inventory of their possessions to use in the event of a catastrophic loss.

Consumers can visit www.knowyourstuff.org and create a complete inventory in a simple and fast way that can be accessed if you need to provide documentation to your insurance company following a loss.

By following the easy online steps, consumers can catalogue items of value with pictures, receipts and even video.

You should remember that your inventory should include more than your big ticket values. Clothing and various household items should be listed.
 
Feeling of Security

With a prepared inventory, you can feel confident that you have the documentation to assist your insurance company in helping your family if disaster strikes.

It is much easier to document your possessions before you suffer a loss from a fire, hurricane, burglary or other disaster.

This software will help you create a room-by-room inventory of your personal possessions. Having an up-to-date home inventory will help you:

• Purchase enough insurance to replace the things you own.
• Get your insurance claims settled faster.
• Substantiate losses for your income tax return.

Evaluate Your Policy

Once your inventory is complete, you should consider if you have adequate coverage for your property and belongings.  Talking to an agent or your insurance company can assist you in evaluating your policy to make sure it suits your needs.

Sincerely,
Beaman Floyd
Executive Director, TCAIS

Sources: Insurance Information Institute (www.iii.org and www.knowyourstuff.org)

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