Personal Property Inventory

An inventory lists your personal possessions and their value. Home inventories make it easier to substantiate your claim in case of fire, natural disaster or robbery. It also determines if you have the right type and amount of insurance.

You can record the list of your possessions in three ways:
**Notepad or binder with photographs
**Video Camera
**On the computer with a program like Quicken Home Inventory Manager

Living room and Home office- note when and where you purchased electronic equipment such as computer and televisions. Include receipts if you have them. If you lost the receipt look online for a similar model, print out the page and attach it to the inventory. The more documentation the better.

Kitchen - write down the make model and serial numbers of appliances, include dishes, flatware and stemware.

Bedrooms - take pictures of open closets and estimate how much you paid when items were purchased.

Attic and basement - don't forget to include other valuable possessions you don't use everyday.

Garage - include sports equipment, tools, bicycles, and lawn mowers.

Keep a copy of all information in a Safe Deposit Box.

Courtesy of Linda Gesicki - Personal Insurance Department

Is your In-home Business Covered?

If you know someone who has a business that they run out of their home- either full time or part time or as a hobby- they may be surprised to learn that their homeowners and/or renters policies do not cover losses from their business activities. While some homeowner endorsements offer limited coverage, they are not designed to cover many business related losses. They may discover that they are underinsured AFTER a loss occurs. A small business owner could then be forced to go out of business because of a costly uninsured accident. A homeowner insurance carrier probably would not cover the following types of losses:

1. While visiting a customer’s residence you have business equipment stolen from your vehicle.
2. Inventory stored in your garage was damaged by a fire.
3. Lightening hit your home, damaging your computer or fax machine.
4. While doing an exhibit at a craft show you accidentally knock over the display next to you.

An In Home Business Policy is available through the personal lines insurance department and is designed for small businesses which are operated out of a person’s home. These entrepreneurs may find it difficult to obtain appropriate and affordable insurance through commercial lines. The In Home Business policy offers an affordable solution and is written for a variety of retail and service businesses. Some examples of businesses covered are:

• Clowns, Magicians, Entertainers
• Interior Decorating
• Handicrafts
• Financial Planning
• Videotaping, dubbing, editing
• Personal Fitness Trainer

Premiums typically range from $150 to $600 but can vary depending on the location and business type. The In Home Business package offers the following types of coverage:
Up to $50,000 business personal property, including theft, on and off premises
Up to $1 million in business general liability protection, on and off premises
Standard $100 deductible
Coverage for loss of business income
Optional coverages for money & securities and electronic data processing

Courtesy of Marni Jurgens, Personal Insurance Customer Service Representative