Tips for Creating a Home Inventory
When searching for a home insurance policy to protect your house and your belongings, it is important to consider taking an inventory of your belongings. This is because not all home insurance are created equal and you will want to tailor your coverage specifically for your belongings so that you know you’ll be covered in case of loss.
A home inventory is essentially a big list of every possession you value. Grab a notepad or laptop and walk room to room, making note of every item you would want replaced if something happened. Write or type a short description of the item, its estimated value, brand or manufacturer information, serial number (if included) and snap a picture. Since this may take some time, many people prefer to tackle one room per day, or even per week.
Once your list is complete, gather up any receipts for high-dollar items such as fine artwork or furniture. You may find it helpful to scan the receipts so you can store them digitally with your list and photos. Put all of this information together into a folder on your computer for safe keeping.
Keep in mind that many home insurance policies have exclusions and limitations for certain expensive items such as jewelry, furs and art. If you have high valued items like these, you may need additional coverage or policy endorsements added to your policy in order for these items to be replaced.
There’s always a risk that something could happen to your home, in which your computer may be destroyed.
To protect your list, and therefore all of your possessions, back up the files to a cloud drive, a flash drive that’s stored elsewhere (such as a safety deposit box) and/or email it to yourself so you can access the information from any computer. It’s also recommended that you give a copy to your insurer for safe keeping, which also doubles as a great way to double check that you have enough contents insurance and make any necessary adjustments.
It is crucial that you provide this list to your insurer. This way they will know what to expect if you file a claim and can help you find the best insurance to cover your personal belongings in case something happens. Speak with your insurance agent if you have any questions about your home insurance’s personal belongings coverage.