How much would it cost to replace everything in your home in the event of a total loss? You could catalog all your possessions, but that would probably be a bigger task than you're prepared to undertake.
Many owners of high value homes face this dilemma when they seek personal property coverage; it's one that has long vexed agents and carriers. Too often, according to ACE Private Risk Services, contents coverage is based on assumptions: either a rough guess by the homeowner or agent or a default percentage of the home's structural value set by the insurance carrier.
As a result, homeowners frequently have significant gaps in coverage.
Last week, ACE sought to address this situation with the introduction of its Home Contents Valuation capability, which gives select policyholders customized estimates for determining their personal property coverage at policy inception.
