To avoid coverage gaps while also making sure you aren't unnecessarily busting your budget on premiums, annual insurance reviews are integral. To help the review process be as smooth and accurate as possible, insureds should maintain detailed records of improvements and renovations done to their home over the course of the year. These kinds of improvements can affect the amount of coverage you need for your home, and can also inform your insurer of any safety and security features that may open you up for discount opportunities. Along with your home itself, you should also annually evaluate your personal property coverage. The best way to begin the process of evaluating the value of your belongings is by creating a home inventory. This can be done in written, digital or visual form, but the list should include as much detail as possible – especially for higher value items – including an item description, model/serial number if available, the value of the item and the date of purchase. To simplify the home inventory process, the Insurance Information Institute suggests the following:

• Pick one area of your home at a time to record. Complete that area before moving to another.
• Keep a running list of new purchases so you can easily update your inventory.
• When counting your clothing, it is easiest to list them by item type ("3 pairs of jeans," "4 sweaters," etc.) rather than individually, unless an item is of particularly high value.
• Record the serial numbers of any electronics you purchase so they are readily available if needed.
• If you have big-ticket items like expensive jewelry or art, check with your insurer to see if those items need special coverage outside of your standard homeowners policy.
• Save sales receipts for new items you purchase, and store them with your home inventory.

In the slideshow above, we'll look at six things you should keep in mind when it's time to renew your home and auto policies in order to ensure you're avoiding coverage gaps and getting the best value possible, according to Triple-I.

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