Download the home inventory checklist (PDF file)

Whether you’re a homeowner or a renter, it’s a smart idea to take a few hours to make an accurate assessment of your possessions.  Having a list like this makes it quicker and easier to file an insurance claim in case of damage or even theft.

This list of what you own is a tool that helps renters and homeowners keep track of their possessions, room by room. You’ll find examples of items that are often found in each room.

On the home inventory checklist, you’ll be able to record such  details as the item’s manufacturer, model or serial number, date of purchase and purchase price.  It’s also a smart idea to include purchase receipts of the main items listed, as well as photos.

In fact – another useful way to do a home inventory assessment is to do one using a video camera.  Walk through your house, room by room, taking photos of what’s in closets and drawers.  Add audio commentary if possible.

Keep this home inventory checklist in a safe, fire-proof place such as a safe deposit box.  When major purchases are made, update the list.

You and your homeowner’s insurance agent will be glad you did!

Can a company refuse to renew my auto or homeowners insurance policy?

Yes, a company can refuse to renew a policy for almost any reason. An insurer must give you 30 days notice and the specific reason for their refusal to renew.

Can credit history be used as a reason to non-renew or refusal to insure my home or car?

Yes. Current Missouri law does not prevent an insurer from doing so.

Does Missouri control auto and homeowner premium rates?

No. Missouri allows companies to set their premiums.

Can an insurance company cancel my auto or homeowner’s policy?

Yes. If an auto policy is involved, they can cancel if the consumer fails to pay the premium or if the consumer’s license has been suspended or revoked during the term of the policy. If a homeowner’s policy is involved, they can cancel if the consumer fails to pay their premium, if there is a fraud or serious misrepresentation when completing the insurance application, if the consumer is convicted of a crime or if changes are made to the property that increase the risk of loss. An insurance company can cancel a new policy for almost any reason within 60 days of the issue date of the new policy.

Does the company have to refund my premium on the auto/homeowner’s policy if I cancel the contract?

Yes. However you may receive less than the unearned premium because the company may charge the consumer for processing the cancellation or setting up the original policy.

Do all auto and homeowners policies have a grace period?

No, Missouri law does not require any auto policy to have a grace period.

Let’s say you have an auto accident.  You hurt, maybe even kill someone.  You damage someone’s property and maybe mangle your own car.

If you are found legally responsible, you have to pay for the other person’s injuries and damages, according to Missouri’s Motor Vehicle Financial Responsibility Law.  Not able to pay?  Well, you can lose your driving privileges; you might even face a criminal conviction and time in jail.

Auto liability insurance is proof that you’re financially responsible.  It protects you from the necessity of paying a huge sum of money if an accident is your fault, and it also protects accident victims against their losses.

Liability and uninsured motorist insurance are minimum; but you might also want to insure against theft and physical damage to your car (from collision, fire, hail, thieves, et cetera).

Here are some good questions to ask yourself when you’re thinking about buying auto insurance:

• What’s my car (or contents) worth – if it’s damaged or stolen, how much would it cost to replace?
• If my auto or property is damaged or stolen, how much can I afford to lose?
• If I am sued by someone who suffered injuries, and it’s determined to be my fault, how would I come up with the money to pay for legal costs and possible damage awards?

Most people cannot afford NOT to have auto insurance!

Accidental Death Benefit — A provision added to a life insurance policy for payment of an additional benefit in case of death as a result of an accident. This provision is often called “double indemnity.”

Annuity — A life insurance product that provides an income either for a specified period of time or for a person’s lifetime.

Automatic Premium Loan — A provision in a life insurance policy that any premium not paid by the end of the grace period (usually 31 days) will be automatically paid by a policy loan if there is sufficient cash value.

Beneficiary — The person or financial instrument (e.g., a trust fund) named in the policy as the recipient of insurance money in the event of the policyholder’s death.

Cash Value (Cash Surrender Value) — The amount available in cash upon surrender of a policy before it becomes payable upon death or maturity.

Convertible Term Insurance — Term insurance that offers the policyholder the option of exchanging it for a permanent plan of insurance without evidence of insurability.

Cost Index – A way to compare the costs of similar plans of life insurance. A policy with a smaller index number is generally a better buy than a comparable policy with a larger index number.

Cost-Of-Living Rider — An option that permits the policyholder to purchase increasing term insurance coverage. The death proceeds increase by a stated amount each year, to coincide with an estimated increase in the cost of living.

Current Assumption Whole Life — A variation of universal life insurance, this product involves fixed premiums and fixed death benefits. Its cash value growth depends on market conditions. If they are favorable and if premiums paid in the policy’s first year are large enough, premiums for one or more years may be reduced to zero.

Dividend — An amount of money returned to the holder of a participating policy. The money is a partial refund of the premium paid. It results from actual mortality, interest and expenses that were more favorable than expected when the premiums were set.

Double Indemnity — (See Accidental Death Benefit.)

Face Amount – The amount stated on the face of the policy that will be paid in case of death or at maturity. It does not include dividend additions or additional amounts payable under accidental death or other special provisions.

Grace Period — A period (usually 31 days) following each premium due date, other than the first due date, during which an overdue premium may be paid. All provisions of the policy remain in force throughout this period.

Guaranteed Insurability — An option that permits the policyholder to buy additional stated amounts of life insurance at stated times in the future without evidence of insurability.

Insured — The person on whose life an insurance policy is issued.

Lapsed Policy – A policy terminated at the end of the grace period because of nonpayment of premiums. (See Nonforfeiture Values.)

Level Premium Insurance — Insurance for which the cost is distributed evenly over the premium payment period. The premium remains the same from year to year, and is more than the actual cost of protection in the earlier years of the policy and less than the actual cost in the later years. The excess paid in the early years builds up a reserve to cover the higher cost in the later years.

Living Benefits — (See Accelerated Death Benefits.)

Loan Value — (See Policy Loan.)

Mortality Table — A statistical table showing the death rate (probability of death) at each age.

Mutual Life Insurance Company — A life insurance company owned by policyholders who share in the company’s surplus earnings.

Non-forfeiture Values — The value of the policy if cancelled, either in cash or in another form of insurance. Also available to the policyholder if required premium payments are not paid.

Non-participating Insurance — Insurance on which no dividends are paid.

Paid-up Insurance — Insurance on which all required premiums have been paid.

Participating Insurance – Insurance on which the policyholder is entitled to share in the surplus earnings of the company through policy dividends that reflect the difference between the premium charged and the cost to the company of providing the insurance.

Policy – The printed document issued to the policyholder by the company stating the terms of the insurance contract.

Policy Dividend — (See Dividend.)

Policy Loan — Under an insurance policy, the amount that can be borrowed at a specified rate of interest from the issuing company by the policyholder, who uses the value of the policy as collateral for the loan. In the event the policyholder dies with the debt partially or fully unpaid, the insurance company deducts the amount borrowed, plus any accumulated interest, from the amount payable.

Premium — The payment, or one of the regular periodic payments, that a policyholder makes to own an insurance policy.

Producer – An authorized representative of an insurance company who sells and services insurance contracts.

Reinstatement — The restoration of a lapsed policy to full force and effect. The company requires evidence of insurability and payment of past due premiums plus interest.

Renewable Term Insurance — Term insurance providing the right to renew at the end of the term for another term or terms, without evidence of insurability. The premium rates increase at each renewal as the age of the insured increases.

Rider – An amendment to an insurance policy that modifies the policy by expanding or restricting its benefits or excluding certain conditions from coverage.

Risk Classifcation – (See Underwriting.)

Settlement Option — One of several ways, other than immediate payment in a lump sum, in which the insured or beneficiary may choose to have the policy proceeds paid.

Stock Life Insurance Company — A life insurance company owned by stockholders who share in the company’s surplus earnings.

Straight Life Insurance – (See Whole Life Insurance.)

Term Insurance — A plan of insurance that covers the insured for only a certain period of time (the term), not for his or her entire life. The policy pays death benefits only if the insured dies during the term.

Term Rider — Term insurance that is added to a whole life policy at the time of purchase or that may be added in the future.

Underwriting — The process of classifying applicants for insurance by identifying such characteristics as age, sex, health, occupation and hobbies. People with similar characteristics are grouped together and are charged a premium based on the group’s level of risk. The process includes rejection of unacceptable risks.

Universal Life Insurance — A flexible premium life insurance policy under which the policyholder may change the death benefit from time to time (with satisfactory evidence of insurability for increases) and vary the amount or timing of premium payments. Premiums (less expense charges) are credited to a policy account from which mortality charges are deducted and to which interest is credited at varying rates.

Variable Life Insurance – Life insurance under which the benefits relate to the value of assets behind the contract at the time the benefit is paid. The assets fluctuate according to the investment experience of funds managed by the life insurance company.

Waiver Of Premium — A provision that sets certain conditions under which an insurance policy would be kept in full force by the company without the payment of premiums. It is used most frequently for those policyholders who become totally and permanently disabled, but may be available in certain other cases.

Whole Life Insurance (Straight Life or Permanent Life) — A plan of insurance for life, with premiums payable for a person’s entire life.

Source: Alabama Department of Insurance

Insurance Consumer Hotline: 800-726-7390

The Division of Consumer Affairs within the Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) is here to help you. 

The Division provides consumer information and investigates consumer complaints against insurance companies and producers for most types of insurance.  The Division works to respond promptly and completely to consumers’ insurance-related questions and complaints, assist consumers in resolving those complaints whenever possible, and help consumers understand their options in handling insurance-related matters.

File your complaint online

Download a complaint form to mail or fax

Health care providers – complaint process

What we can and cannot do

We can:

1. Forward a copy of your complaint to your insurance company and require the company to provide a response/explanation.
2. Review the company’s response for compliance with applicable Missouri insurance law and policy requirements.
3. Require the company to take corrective action if we determine that the company’s position does not comply with Missouri insurance law.
4. Help you understand your insurance policy.
5. Recommend courses of action that you can take to resolve your problem, if we do not have the regulatory authority to resolve it ourselves.
6. For all health plans, we can assist you in filing your first and second level grievance and appeals.
7. Use a process called external review to resolve disputes with your insurance company, if the dispute is medical in nature. For example, the dispute could be about whether a service is medically necessary.

We can’t:

1. Recommend an insurance company, producer (agent) or insurance policy.
2. Identify what company a particular person or business has an insurance coverage with. 
3. Act as a legal representative or give you any legal advice.
4. Intervene in a pending lawsuit on your behalf.
5. Consult with you if you are represented by an attorney, unless we have your attorney’s written permission.
6. Regulate or discipline plans or companies that are not subject to the insurance laws of Missouri or that are governed by other state agencies (see "Health plans we do not regulate", below).
7. Regarding a dispute between you and your insurance company, establish:
1. What medical care is necessary or appropriate.
2. Who was negligent or at fault.
3. The value of a claim or the amount of money owed to you.
4. The facts surrounding the claim or insurance transaction (that is, who is being truthful when there are differing accounts of what happened).
5. The facts regarding any other disagreement between you and another party

Health plans we do not regulate

• State employee health plans – Missouri Consolidated, Highway Patrol, MoDot, Conservation
• Self-funded employee health benefit plans – if you don’t know whether your health plan is self-funded (also known as self-insured) or if you are concerned about the legitimacy of your health plan, we will try to get information to answer your questions.
• Federal employee health plan
• Medicare
• Medicaid
• Workers’ compensation claims

For assistance with these plans, see Filing complaints against health plans not regulated by DIFP.

Before filing a complaint

Contact the insurance company or agent and bring the problem to their attention. Document your phone calls by noting the name of the person you speak to, the date of the call and a brief summary of the conversation. Keep copies of all written communications with your insurance company or producer.

If you are not satisfied with the results you receive, contact the Division of Consumer Affairs for assistance. We have staff available to answer general questions at (800) 726-7390.  You can also file a complaint with our Division so that we can investigate the situation on your behalf 

How to file a complaint

• Select whether to file your complaint online or by mail or fax (see links at the top of this page)
• Complaints may be submitted in the following ways
• Submit your complaint form electronically;
• Fax to (573) 526-4898; or
• Mail to P.O. Box 690, Jefferson City, Missouri 65102-0690.
• Keep your originals and send only copies of information.
• When your complaint is received, a tracking number will be assigned and you will be sent written confirmation of our receipt of your complaint. Please refer to the tracking number when you call or write to the Division.

Source: Missouri Department of Insurance, Financial Institutions and Professional Registration