Itemizing on a Home Insurance Policy

The information included in a home insurance policy is an explanation of the contract into which the homeowner and the insurance company have entered to provide financial compensation to the homeowner if any loss or damage is experienced as a result of the occurrence of any of the perils listed in the policy.

The Insurance Services Office (ISO) has put standards in place to ensure that the policies have a certain structure and ensure certain protections. Homeowners will find that there are very specific perils covered on each of the forms. The standard or basic form will list the eleven that are required by the ISO, and the broad form will itemize the seventeen that it must in accordance with ISO requirements. Naturally, insurance agents will consider special circumstances and have the discretion to modify or adjust the different forms to best fit the needs of particular clients.

The fundamental itemization on home insurance policies is the list of covered perils, and this, as stated above is mandated by the ISO. The insurance customer will need to know what adjustments and modifications he or she needs and will add the necessary itemizations to this.

Necessary Items

One of the most important parts of the homeowners policy is the home inventory that the purchaser will attach to verify ownership and possession of the property for which he or she is buying insurance. The home inventory will list every item of possession that the homeowner wants to insure. The property owner takes inventory in very much the same way that inventory is taken in commercial environments.

He or she takes record of the size, shape, color, and position within the home of the item. Often customers neglect to list common, everyday items, and this can sometimes turn out to be a quite expensive oversight. Although they might not be terribly difficult to replace individually, if a catastrophic loss occurred and they all needed to be replaced it could prove to be a quite substantial financial expenditure including house insurance costs.

To conduct this itemization, the homeowner will need to list items of improvement of the space such as lamps, carpeting, wallpaper, mirrors, tiles or marble and so on. Furniture must also be itemizes, so chairs of al kinds, sofas and couches, tables and dressers, beds, desks, cupboards, table lamps, and shelves must be noted. Electric household appliances, that is, refrigerators, stoves, wine racks, washing machines and dryers, ovens and so on also must be added to the list.

Silverware, china, crystal, and linen should also be added, especially where there are maybe senior citizens with valuable heirloom or antique pieces. Pieces of art, sculptures, paintings, rugs wherever they are placed in the home, should be catalogued, as well as musical instruments, should be itemized. Students and others will want to pay particular attention to CD and book collections, and everyone will list electronic equipment such as computers.

Patio furniture placed on apartment, condo, or townhouse balcony, and garden furniture are important items to be included.

In addition to the inventory, homeowners will want to itemize any improvements they might have made to the property. If better quality carpeting was put down, or marble tiles were used to replace linoleum.  These should all be included when itemizing on a home insurance policy.

If the homeowner also itemized safety features it might earn him or her a deduction on the premium, because it indicates that the home is protected and that damage or loss risk mitigation is in place. Fire alarm systems, smoke detectors should be itemized and their placement noted. If a sprinkler system or carbon monoxide alarm is in place, they too, should be itemized.

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