Insurance premiums are based on a combination of the value of what is being insured and the assessed risk of loss or damage to those assets. Putting together insurance policies for your home or business means getting accurate valuations of your assets and understanding the risks you face. Mississippi insurance companies offer a broad range of products that can be tailored to suit your situation and there are basic steps that you can take to determine the level of coverage you need.

For both a business and a home, you need to know the value of the property and contents. Your property value will be based on the age, size, condition and location of the building and/or buildings. Property coverage also covers your contents – usually up to an agreed amount. However, if you have special valuables – jewelry, antiques, musical instruments, specialized business equipment – you should have separate valuations done for those and be aware that they may require extra coverage due to limits on a standard policy.

It is important to keep all valuation certificates and purchase receipts for your valuables in a safe place with your insurance policies, as they are likely to be required to prove ownership and value for replacement purposes in the event that you make a claim. It can also be useful to keep photographs of special items with your other paperwork – particularly unique items. Agents at Mississippi insurance companies can help you with information about what you need to have on file and may be able to suggest local valuation experts.

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