Insurance policies provide protection in the event of a loss such as theft, fire, or weather event. Your homeowner’s policy will only pay for items that you can document. To assure that all your belongings are replaced, you should conduct a home inventory. This will help ensure that you have a record of everything that you own. The inventory will assist you in determining which items were destroyed and/or stolen.
Home Inventory- How To:
To complete a home inventory, follow these steps:
Take a walk through every room in your home and identify all of your belongings.
Take photographs and/or make a video of all of your belongings, and keep this media documentation with your list.
Place all of this information into a fireproof safe or safety deposit box at your bank.
It’s a good idea to update the list regularly- keeping it accurate and updated is important.
Home Inventory Checklist- Items to List
Other information that would be helpful to document:
Year Built: Builder
Sq. Footage: Lot
Purchased On: Price
Location of Plot Plan
Location of Deed
Insurance Information: homeowners, earthquake, mortgage, flood, and fire
Home Inventory and Homeowner’s Insurance Policy
A household inventory checklist can assist you in the event of a loss, it can also help determine whether you have enough insurance coverage. Your insurance coverage should equal the cost of your belonging at current-day value/prices.
Things like: jewelry, electronics, and fine art should be appraised on a regular basis to ensure that you have enough insurance to cover their high-priced value.
Value of Belongings- How Much Are Your Belongings Worth?
Having a list of your belongings gives the insurance company information for you to get compensated in the filed claim.
A good question for your agent/insurance carrier: what the basis of claims settlement will be and if you will get replacement cost. Also, review your insurance coverage because some surprises aren’t good. Find out if there is enough money to replace the items when a claim happens.
Keeping Your Home Inventory List Safe
Keeping the inventory list in your home may not be the best idea. Technology provides options to store information out of the home. A few tips:
Make sure that you understand the privacy settings.
Keep the information private.
Avoid listing your home address on the inventory list- just in case it does fall into the wrong hands.
Make sure the system you are using is reliable and has security features.
Make the list accessible to adult members of the home.
It is important to keep track of everything owned in the home so that- if a claim arises, there is a list that can help guide you. Make sure that the value of belongings is updated to current day value. It’s a good idea to make sure that each adult living in the home has access to the list. The list that should be saved digitally- never in the home.
About Jason Cass
I am the Co-Owner of The Insurance Alliance. I love to speak nationally on the topic of insurance and I am the author of "Customer Service is Just Foreplay" an Amazon Best Seller. I don't sell insurance, I help people buy it.