The most precise way to figure the cost of replacing your personal property is to take a complete inventory of everything you own. This would be extremely time consuming and difficult. In an effort to make the inventory process easier there is a method called the 200 percent method. This is a quick and easy way to get as close to accuracy as possible when performing a property inventory.
First, you will want to total up the estimated new cost for any major items you have such as, your living room set, bedroom furniture, any appliances, electronics, televisions, computers, etc. etc.. After you have determined the closest total estimate, you can take the total amount and double it. This guarantees that you will have plenty of insurance coverage to replace your larger items AND still have an equal amount to cover replacement costs for any smaller items such as dishes, clothing, gym equipment, seasonal items, etc. Continue reading ‘Determining Estimated Costs of Your Property’ »