I recently read a review of  Home Inventory on MacUpdate that answered this question – see LARRYMCJ.

When we hear reviews like this it helps us understand how important a product like Home Inventory is for everyone and makes the hard work and long hours well worth it.  The latest release of Home Inventory offers the ability to analyze personal property coverage based on the total value of your possessions as well as the value of individual items in order to determine whether your coverage is enough, too much, or requires additional riders.

For personal property coverage it is normal for policies to set limits for items in certain categories such as jewelry or business equipment.  The coverage limit could be set for an individual item and for the total of all items in the category.  Let’s look at the category jewelry as an example.

In a typical policy the limit for jewelry may be set to $1500 of coverage for any one loss.    Policy coverage sub-categories in Home Inventory allows you to easily determine if you are adequately insured for items that may have special coverage limitations and require additional riders to ensure adequate coverage.

To add a policy coverage sub-category to your existing personal property policy coverage click the Add Coverage button in the Bottom Button Bar while in the Policies view:

You will be prompted to provide a name for the policy coverage, the type, amount of coverage and deductible.  If there is a limit for any single item use the max single item value field.  To make this policy coverage a sub-category select the name of the policy coverage under the sub-category of dropdown menu.  Next, select the items to be covered in this sub category.  In our example we have selected the category jewelry.  Click Add when you are finished:

In this example we created a policy coverage sub-category called ‘Jewelry’ under the existing policy coverage ‘Our Personal Property’.

Based on the total value of the items covered by this sub-category, you can easily see through the warning that this inventory is not adequately insured.  “The value of the covered items $7715.99, exceeds the coverage amount of $1500.00.”

Based on the individual value of each item you can easily see through the warning that the maximum coverage for each individual item in this sub-category is not adequate.  “The item ‘Engagement Ring’ exceeds the maximum value allowed for a single item of $1500.00.”

With Home Inventory you are able to determine very quickly if you need to readjust the terms and amount of coverage provided by your policy in order to be adequately insured for unforeseen future loss.