How much insurance should I buy?

This is a common question asked of insurance agents. You may have even asked it yourself. This question at first glance appears to be simple, yet it can be very difficult to answer. The answer is – you should buy as much insurance as you need, which prompts another question; how much insurance do I need?

 At Buckley and Company our clients look to us as professionals who can help them answer this question. We have several tools available to determine each individual’s needs, as you can imagine they may vary somewhat.  

One of these tools is a Personal Home Inventory. This may seem like a tedious task at first, but it is well worth the effort.  We recommend going through your home, room by room, writing down the items that you see. List all items and their approximate value. It is also useful to take photographs or videos. This information should be kept at a separate location from your home, such as online storage, or a safety deposit box. You can also forward a copy to our office.

A useful, free, and secure website for walking you through the Home Inventory process and storing it online is Know Your Stuff; just click on the link provided to get started. You can also take a Guided Tour or watch a video on the importance of “Taking Inventory.”

Please keep in mind that if you have a number of valuable items, such as antiques, jewelry, or original works of art, it would be wise to have them appraised and contact your insurance agent to determine the right kind of coverage for these special items.  Most Homeowners policies only provide a small and limited amount of coverage for these items.

Once you have completed the home inventory you will know how much contents insurance you need and it will make it easier for you to file a complete and prompt claim should you incur a loss.  Having the Home Inventory on hand will also help your insurance company settle your claim quickly.

We recommend that you update your Home Inventory list when new items are purchased and that you keep a list of serial numbers and receipts for high value items and electronics.

We have other tools available to determine the replacement cost of your home and also how much liability coverage you may need.  For a full review of your insurance needs, please give us a call!