Why house insurance is important

Own House is the Biggest Gift of God so we want insure our House for damages.

I know everything I own; I won't forget a single thing
You might have a crackerjack memory, but if you file a claim, visual documentation carries a lot more weight with your insurance company. Even better—copies of receipts or bills paid for items.
Keep in mind that filing an insurance claim involves two steps—proving that you owned specific things and verifying what those things are worth. Then there's a third factor—verifying losses for income tax purposes.

So put your crackerjack mind to work one weekend and make an inventory of your belongings with a video or standard camera. Include the date when you bought each item and how much you paid. Attach any receipts, canceled checks or statements, and note serial numbers for those items that have them.

Don't forget to record the stuff stashed in your basement, garage, attic, potting shed and that storage unit across town you rent.
Keep one copy of your list and tape or photos in your safety deposit box (along with a copy of your policy) and another in a fireproof box at your office or with a friend or relative who does not live in your town.

Then, find out if you have replacement or actual cash value coverage. If your eight-year old sofa-bed is destroyed by fire and you have replacement coverage, you can go right out and buy a new one. But if you have only cash value coverage, the company will depreciate the item and you'll only get "fair market value." There's nothing particularly fair about fair market value—the amount will be a whole lot less than the price tag on a new sofa-bed and you'll find yourself hitting the second-hand stores and thrift shops or waiting for a department store sale.