Will my insurance company give me a discount for having a home inventory?

When you are working with an insurance company to find the best discounts to address your needs and goals in Lafayette, CO, you may wonder if a home inventory will help reduce your premium and give you a special rate. Depending on your insurer, an inventory may or may not help reduce your rates.

What is an Inventory?

A home inventory refers to a list of items that you own. Ideally, you will want to identify the replacement cost or the value of each item that is listed. The value of the item will depend on the type of coverage that you are purchases.

Read your policy to determine if you have coverage for the replacement cost of the item or the current market value. The replacement cost may mean that you will be able to replace the item with the same item or with an updated version if the item is no longer sold in stores. The market value refers to the cost of the item after depreciation rates are calculated.

Getting a Discount

The only way to determine if your insurance provider will offer discounts for a home inventory is by asking a representative of the company. Find out what the company requires as proof and see how much of a discount is provided. Some insurers may offer reduced rates, but the percentage and savings may vary between companies and policies.

It is possible that creating an inventory can help you cut back on the cost of your homeowner’s insurance, but every company is different and the details of your policy may vary so the options and savings that you can expect will depend on several factors. Contact us to talk to an agent for more details.