Property insurance covers personal belongings, automobiles, art, or real estate. Homeowners insurance policies cover the replacement cost of the structure and personal property. Experts recommend a photographic record of household items and evaluation of valuable items. Estimates can be obtained from free internet sites, software programs, public tax records, appraisers, and real estate agents.
Property insurance refers to an insurance policy purchased on any property that an insured party may have, such as personal belongings, automobiles, art, or real estate, for example. In the US, some types of property insurance may be required due to state law, such as auto insurance, or by banks or lenders that have a promissory note on the item or property, such as auto insurance or owner insurance. Insuring personal property or real property requires an estimate of the item’s property insurance or the combined value of the items in order to purchase a policy with enough coverage to replace any loss. A homeowners insurance estimate can be obtained from many sources, including free Internet calculators, purchased software programs, public tax records, and professional appraisers. The cost of a property insurance estimate can range from free to an amount commensurate with the usual fees for professional services.
A homeowner’s insurance policy typically covers the replacement cost of the structure, plus some of the personal property contained within the home. If a home contains particularly expensive or valuable items, insurance brokers recommend a homeowners insurance estimate and an additional policy to cover these items. This type of personal property insurance is similar to renters insurance, where only items contained within a structure are covered. The amount of a policy is purchased based on a general or specific estimate of property insurance on an item-by-item basis. Particularly valuable items, such as jewelry, antiques, and art, may require evaluation by an expert in the field to complete your homeowners insurance estimate.
Free Internet sites, certain computer programs, and insurance experts can help you complete a homeowners insurance estimate. Some insurance agents recommend a photographic record, or inventory, of all household items on a room-by-room basis. The advent of digital photography has made this a less expensive and daunting documentation process than the old paper scrapbooking methods. Some experts recommend keeping or photographing the front cover of owner’s manuals to further document ownership. Photographs documenting ownership must be stored in one or more areas completely separate from the residence and belongings.
A homeowners insurance estimate can be obtained from a number of different sources, depending on what function the estimate serves. Public tax records will contain past and present property value assessments that are used to calculate property taxes. A real estate appraisal company can provide you with an estimate of property value based on the specific features of a property and the value of nearby land. A good approximation, if not an extremely educated guess, can often be obtained from area real estate agents.
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