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Basement, Attic, Garage

These rooms are of interest from an insurance perspective because of their use as storage rooms. Aesthetic sensabilities are usually put aside in these rooms and possessions can be stacked or tucked in densely packed rows in a way that would not be duplicated in a living area. This density leads to one of the highest concentrations of values in the whole house. The value of possessions in these storage areas can be tricky to estimate because the disparate collections of things might include seasonal decorations and clothes, old books, building materials and tools, pictures that no longer fit the homes decor and so on. Further complicating estimation is the fact that these spaces are frequently multi-purpose serving as an exercise room, den or playroom.

Replacement Cost Valuation Tips

These are the toughest areas in the house for Personal Risk Wizard to estimate. The best way to know whether you need to adjust the room summary is to focus on the $500 rule and Verticality. If you have more that 6 or 7 items that cost over $500 (groups of items like Christmas decorations would count as one item for this) then you need to take those values into account. If you are using up a lot of vertical space as well as horizontal space (stacking) then you probably at least need to do a quick mental inventory of what you have stored and then make adjustments.

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