RICHMOND — The recent deadly tornadoes that killed dozens of people and left huge swaths of destruction across much of the Midwest and South serve as grim reminders of the need to plan ahead for the unthinkable. This includes cataloging your household possessions.

The State Corporation Commission's Bureau of Insurance reminds Virginians that one of the best ways to ensure that your possessions are fully protected is to document them with a home inventory. Go room by room and include serial numbers, photographs, receipts, and videotapes. Whether you are a homeowner or a renter, a home inventory enables you to determine exactly what you own and what it is worth before you need to make an insurance claim. It will also help you choose insurance coverage that will fully protect and replace your valuables in the event that they are lost, stolen, or damaged.

A free iPhone® application – myHOME Scr.APP.book – from the National Association of Insurance Commissioners (NAIC), makes creating a home inventory easier than ever. The app lets users photograph and capture images, descriptions, bar codes, and serial numbers, and then stores them electronically for safekeeping. It organizes information room by room and creates a back-up file for e-mail sharing. To download myHOME Scr.APP.book app for iPhone® users, visit the iTunes® App Store or do a search for 'NAIC' in the app store from your iPhone®. Additional information about the app is available on the NAIC website at www.insureuonline.org. The website also offers a simple home inventory checklist that can be printed and completed by hand.

Consumers are often surprised by what is not covered under standard homeowners insurance policies. According to the NAIC, home contents are generally reimbursed only up to 50 percent of the home's insured value, i.e. $50,000 to replace the contents of a home insured for $100,000. Settlements on such policies are typically based on the actual cash value of the property. This means that you will receive replacement cost minus depreciation for age and condition. As a result, you may not be able to replace the property with your claim payment. However, consumers can purchase coverage that will provide replacement cost for their possessions and will provide a higher limit of coverage for such property (70% to 90% of the home's insured value).

When determining your coverage needs, the Bureau of Insurance encourages Virginians to consider all of the items in their home that warrant special protection. This may include luxury items such as jewelry, electronics, and art or items that support personal passions such as antiques. These items may have a significant impact on your insurance needs. You can list these items separately on your homeowners insurance policy and assign a value to them. This means that they are no longer included in the limit that applies to other personal property. This approach usually makes it easier to obtain a satisfactory claim settlement should damage occur.

"Protect your personal belongings by preparing a complete home inventory before a loss occurs or disaster strikes," said SCC Insurance Commissioner Jacqueline K. Cunningham. "This can help you to determine the amount of insurance coverage you need and, done properly, can facilitate the claim settlement process if a loss occurs. Keep this inventory in a safe place, such as in a safe deposit box or at work," she said.

The Bureau of Insurance offers free consumer guides for homeowners, renters, and businesses. These are available on its website at www.scc.virginia.gov/boi. The Bureau's specially trained staff can assist consumers with their general questions or concerns about homeowners insurance. For more detailed information regarding your particular insurance needs, contact your agent or your insurance company.

To contact the Bureau of Insurance Property and Casualty Division, call toll-free at 1-877-310-6560 or in Richmond at (804) 371-9185. Consumers who are hearing or speech impaired may call through the SCC's Telecommunications Device for the Deaf and hard of hearing (TDD) at (804) 371-9206.

The SCC is located in the Tyler Building at 1300 East Main Street in downtown Richmond. The Bureau's mailing address is P. O. Box 1157, Richmond, Virginia 23218.

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