Having homeowner’s insurance is the first step in securing your investment in your property, but a home inventory helps protect all of your assets inside of it. Though rummaging through your house to jot down every one of your possessions may seem like a time-consuming task, it may help you be certain that you have adequate homeowner’s insurance coverage in case of a future claim. You may also experience a faster claims process when it comes time to replace your belongings.
While you could hire a home inventory company to make a professional list of your assets, you can also make the list yourself just as easily. Visit each room of your home, taking care to record items of significant value, such as your jewelry, furs, original artwork, musical instruments, home appliances, electronics and antiques. Be sure to include items stored in your attic, garage or basement as well. Take pictures of each item you record for your home inventory, and include a brief description of the item as well as serial numbers and appraisal values, if applicable. If you have receipts or other proofs of purchase, include those with your inventory list as well.
Once you’ve completed your inventory, make copies of your documentation to provide to your homeowner’s insurance company and to keep for yourself. Remember that though you have a copy of your home inventory, it may become damaged, lost or destroyed in the event of a fire or other property loss. Be sure to keep your copy in a location other than your own home, such as with a close family member or inside a safety deposit box. And, finally, be vigilant about making continuous updates to your inventory as it can quickly become outdated as you acquire additional possessions and assets.
If you are considering updating your home insurance policy, you need to make sure you know how much coverage you need for all of your personal belongings. Often, people forget to update their policy when they buy new things or get rid of old items. Making sure you have the protection you need when a disaster strikes will ensure you can get back on your feet quickly.
Taking a home inventory is the first step to identifying how much insurance coverage you need for your home. One of the easiest ways to do this is to go through each room of your home and write down all of the items that would need to be replaced if there was a flood, fire or other natural disaster. Some people even choose to take pictures or a video with their cell phone. This is a great idea if you want to make sure you can prove that you actually know what you own and the condition of the items before you make a claim. Remember to include collectibles and expensive jewelry when you are making your home inventory. Your home insurance is there to help you when you need it, but sometimes the stress of the situation will make it difficult to remember all of your items.
Before searching online for home insurance quotes, make sure you make a list of your home inventory and store it in a safe location. You may even want to give a copy of the list and pictures or video to a friend or family member. Next, you can calculate the value of your items and decide how much home insurance you need. You want to get life back to normal as quickly as possible after a disaster, so make sure your home protection is ready when you need it.
When you report a claim, your insurance company will ask you to provide a record of all your lost or damaged items in the mishap. Then, would you be able to remember your possessions details? Or recall when was the items bought and where and it’s cost? With the shock and trauma built in, you tend to miss on a few important items which leads to major loss.
Home Inventory Must Include
An essential document to to make your claim process easy after an incident such as damage, loss, or theft occurs is labeled as home inventory. This inventory is a simple basic document which usually lists all your valuable items and value of each item in home. A special attention is needed for the most precious items say jewelry, antiques, electronic equipment or coins.
Identify every insurable items of your house. Help your insurer with a brief description of every item, even mention its model name, purchase date and brand name. Make sure to attach credit statements, receipts and pictures. Doing this, you will establish an ownership and your property will be valued.
Creating Home Inventory
- Take pictures of every precious item and of your home. Also, walk through your home and capture a video of it. This record can stand all alone as inventory.
- Prepare a check list and customize the required information on a spread sheet at home computer. Make sure you increase attributes to specify the related details of the purchase and product information.
- Greater efficiency and less flexibility is achieved by a software program on home inventory or do sign in for any inventory program online.
- Though it’s expensive, it has become easier to hire and find a company for home inventory. Ensure to check for credentials of the representatives carefully.
Have Backup Copies: Let home inventory not become a part of property loss. Have a copy of inventory in safe deposits in bank or any other secured location usually away from house. Update your inventory packet every four to six months.
Inventory for Rescue
You do experience a property loss, your inventory will assist in the settlement of a covered loss or claim.
- Make a list of all your personal belongings and provide it to your insurance company so that you receive compensation for every item covered in your policy.
- File a claim completely and efficiently to have an accurate and quick settlement.
- Ensure adequate coverage for all your belongings.
- After a burglary has occurred, list out those items stolen by using your home inventory and determine its cost.
- Provide a video record of product details and receipts to make identification of those items easy.
In short,home inventories are valid legal documents to show your insurance company what was lost in a break through or any other catastrophe. They are also quite handy for any survey to be conducted and getting rid of mess. Save your money, frustration and majorly your time by planning well ahead by a complete inventory for your personal property.