For the best insurance records, consider keeping a detailed list of the contents of your home and update it yearly. The list should include serial numbers, photos and descriptions of everything, even the fixtures. This will expedite the processing of any claim you may file and serve as documentation for your tax losses and deductions.
The best way to make sure your list is accurate is to ask your insurance agent what he or she wants to see in a claim. For more expensive items like jewelry and costly electronics, you should consider separate coverage over and above the basic coverage of the items in your house (items that are likely depreciated yearly by your insurance policy). If you have a home office, you can get affordable business coverage to cover the equipment that you use for the business, rather than putting it under your basic home policy. (To find out which deductions can help your home office, read Don't Overlook These Broker Deductions.)
Renting? You Still Need Coverage
The insurance that your landlord carries will cover damages to the building, but not your possessions. Therefore, if you live in an area that's prone to natural disaster, you should consider renters insurance. Not all policies are created equal; if you get a bare-bones policy that just covers the replacement cost of your stuff, you will be missing possible coverage for the relocation to another area or the living costs while you wait for your apartment to be repaired. Renter's insurance can be pretty cheap, so shop around for the best policy and the best price. Reading 6 Good Reasons to Get Renter's Insurance can help you get started.
The best way to make sure your list is accurate is to ask your insurance agent what he or she wants to see in a claim. For more expensive items like jewelry and costly electronics, you should consider separate coverage over and above the basic coverage of the items in your house (items that are likely depreciated yearly by your insurance policy). If you have a home office, you can get affordable business coverage to cover the equipment that you use for the business, rather than putting it under your basic home policy. (To find out which deductions can help your home office, read Don't Overlook These Broker Deductions.)
Renting? You Still Need Coverage
The insurance that your landlord carries will cover damages to the building, but not your possessions. Therefore, if you live in an area that's prone to natural disaster, you should consider renters insurance. Not all policies are created equal; if you get a bare-bones policy that just covers the replacement cost of your stuff, you will be missing possible coverage for the relocation to another area or the living costs while you wait for your apartment to be repaired. Renter's insurance can be pretty cheap, so shop around for the best policy and the best price. Reading 6 Good Reasons to Get Renter's Insurance can help you get started.
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