After work you come home to watch the news and unwind. One of the first stories on is about a home not too far from where you live that caught on fire and ultimately burned to the ground. Your initial thought might be you are glad it’s not your home and that you have insurance so you could rebuild/fix in the event of a similar situation.
Homeowners insurance is designed to assist you in becoming whole and replacing your home and items inside in the event of a catastrophe like a fire. There are different endorsements that 
determine how your home and items inside will be replaced. Replacement cost of your home itself will replace the home like-kind, be sure you have this kind of coverage on your policy. Replacement cost of items inside the home is also not automatically included on a standard home policy and is added as an endorsement.
While most of your home’s characteristics are included in county records, your personal items inside are only generally known to you, so creating an inventory of items can be a good way of valuing your possessions. The most common and easiest way is to photograph/video walk through your home. This provides a basis for the number of items and the kind of items in your home. That record can then be supplemented by serial numbers or receipts for higher end items such as appliances, electronics, or furniture.
For specific items such as jewelry, a valuables endorsement is the best way to insure your items are covered for their appraised value. Some policies have blanket jewelry coverage. Blanket coverage avoids your having to itemize your valuables. Periodic reviews with your agent are a great way to review what items you have scheduled and to update your personal property limit or review your home limit.
Article by James “Matt” Dailey, Manager and Agent at Kinneman Insurance