Your homeowner’s insurance policy should include coverage for high-end electronics. However, there is probably a coverage limit, which a genuine home theater may exceed.
If you have a home theater, here is how you should handle your insurance needs.
Speak with your insurance professional
You can do this before or after purchasing the items needed for your home theater. Let them know the equipment you have or are planning to buy and ask how you should proceed with documenting your ownership of the items with the company. Also, ask if the coverage you already have is sufficient or if you will need to increase coverage to accommodate the new items.
Collect receipts and send copies to your insurance company
While your insurance company may ask that you also document ownership in other ways, requesting receipts is pretty standard. You should keep the originals at home in an organized filing system, save a copy to your cloud computing service and send a copy to your insurer. Never turn over your original receipts.
Take out additional coverage if needed
If you find that your current insurance policy is insufficient, you have two choices: take out a larger policy or add a rider that costs a bit more but specifically covers your home theater.
Take photos of your home theater
As part of your documentation you might use should you ever file a claim, you should take photos of your home theater. Every time you add something new of value, take a photo. As with receipts, it is a good idea to keep multiple copies in different locations.
Update your home inventory
If you do not already have a home inventory, now is the time to start. The inventory is a comprised list of all your valuable personal possessions that catalogs items and their corresponding value, as well as any other vital information, such as VIN and serial numbers. As you acquire new items, add them to the list, and take time once a year to update values.
To find out more about insurance coverage for you home theater, speak to an insurance broker.
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