DIFS ENCOURAGES MICHIGANDERS TO COMPLETE HOME INVENTORY AND INSURANCE CHECKUPS THIS SPRING

The following information was released by the Michigan State Government:

With the arrival of spring weather, the Michigan Department of Insurance and Financial Services (DIFS) is encouraging Michiganders to take inventory of their personal property and review their insurance policies with their insurance agent or company as part of their spring cleaning tasks.

"Taking the time to complete a comprehensive inventory of your belongings now can help reduce stress if you ever need to file an insurance claim," said DIFS Director Anita Fox. "While you are updating your personal inventory, it is also important to review your insurance policies with your agent or insurance company to ensure that your personal property at your home, apartment, rental home, or dorm room are properly covered."

Here are some tips and resources to help you make an accurate inventory of your personal property and ensure you have adequate coverage in place for your belongings:

Take Inventory Creating a system to track your belongings especially for high-priced items such as smart TVs, laptops, phones, and home appliances is important for keeping accurate records and ensuring you have the right insurance coverage in place in case your items are damaged, lost, or stolen. A thorough review of your homeowners or renters insurance policy, along with taking an inventory of your personal belongings, will help you understand your existing coverage.

Bonus Tip: Complete your home inventory with ease right from your phone or mobile device. The National Association of Insurance Commissioners (NAIC) offers the NAIC Home Inventory app, which allows users to create a record of their belongings, including the ability to scan barcodes for accurate information about items and upload images of all inventory. The app also allows you to group items by room and category and export your inventory to provide to your insurance company in the event you file a claim. In addition, consumers should consider keeping receipts for high-priced items.

Review Coverage Reviewing your homeowners or renters policy with your insurance agent or a trusted advisor can help you ensure your insurance coverage limits meet your current needs and your belongings are well protected. It is important to ensure your coverage is adequate so that in the event of a total loss of your home and possessions, your coverage will be enough to replace items and rebuild your home to its pre-loss condition. In addition, you should review to confirm you have the level of flood and water damage coverage that meets your needs and budget. Flood damage is typically not covered unless you have purchased a separate flood insurance policy, and water and sewer back-ups are not automatically covered under a homeowners or renters policy so it is important to discuss coverage options with an insurance agent or insurance company before flooding or water damage occurs.

Seasonal Possessions Some of the things you own may only be used during the warm weather months, such as a boats, motorcycles, or other recreational vehicles. Review your policies with a licensed insurance agent to help you determine if your seasonal possessions are adequately covered in case of damage, theft, or liability.

Prepare for Emergencies As you organize your home and take inventory of your belongings, also store copies of all insurance policy declaration pages and insurance cards in a safe place, such as a safe deposit box or online in the cloud, in case the originals are destroyed or lost. This practice minimizes stress and prepares you for emergencies and filing claims.

Protect your Finances - Make sure to have a financial plan, such as a dedicated emergency fund, for paying an insurance policy's deductible to help avoid severe financial strain in the aftermath of a disaster. A deductible is a certain amount of money that must be paid out-of-pocket before the insurance company will pay a claim after a loss.

Shop Around Reviewing and understanding your insurance policies is a key step in being prepared, and shopping around can help ensure you have the insurance coverage that best fits your family's needs and budget.

If you need assistance locating a licensed insurance agent or company near you, DIFS offers a free locator tool on its website. Simply enter your mailing ZIP code to view insurance agencies or companies located in your area.

The mission of the Michigan Department of Insurance and Financial Services is to ensure access to safe and secure insurance and financial services fundamental for the opportunity, security, and success of Michigan residents, while fostering economic growth and sustainability in both industries. In addition, the Department provides consumer protection, outreach, and financial literacy and education services to Michigan residents. For more information, visit Michigan.gov/DIFS or follow the Department on Facebook, X, or LinkedIn.