If I Lose All My Belongings, Will Insurance Reimburse Me to Replace Them?
Take stock of your clothing, furniture, and electronics—does the coverage your agent quoted seem like enough? If not, ask whether you can increase the amount. While you've got her on the phone, check to make sure your possessions are insured for replacement cost, which means that the company will pay to replace your 1993 television set with a brand-new one. Finally, walk through your home and videotape everything you own. In addition, keep receipts for expensive items. Store the receipts and video in a safe place—with a relative or friend, for instance.
Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.