Add up everything you own at the cost you paid for it. Multiply that by five. Add forty percent.
That is the figure you should turn in. By the time you apply deductibles, have to prove what you paid for it and provide receipts, what you will end up getting will be about half of what you really lost.
Hope this helps.
When getting home owners insurance, you have to estimate the value of the dwelling and personal properties.
Would you esimate the dwelling value by market value of the property minus the land value? or would you estimate it some other way?
For personal properties, what is considered personal properties? clearing jeweley, furniture etc...are personal properties but what about appliances? kitchen cabinets? built in wardrobes, ceiling fans, wall mount plasma TV etc...? Do you calculate replacement value or current worth?
MC
In your situation, I'd be phoning my insurance agent, who should have accurate answers to all of your questions (instead of the many wild-assed guesses that you'll get here).
Look at it this way; If your home were destroyed by fire would you want enough money to pay off the mortgage or enough to rebuild the house? I have mine insured for what it would cost to rebuild it in todays dollars.
Property is what you keep in your home and includes everything that you would want replaced if it were burned up or stolen.
Everything that is not real estate. The law changes from state to state, but in general, if it serves the purpose of the building and is attached to the real property than it is real estate.
You should check with the insurer as to what definition they are using.
Generally I would consider appliances as personal, cabinets, built in wardrobes and ceiling fans as real. TV's including wall mounted plasma as personal.
I believe most insurance policies would want replacement value. at least that what I have and I would want. You need to check.
Do you have an insurance agent? He gets a commission on your policy. He knows exactly what is needed and can guide you through the process.
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