Have you ever stumbled across a personal possession in your house or apartment you forgot you owned? It happens all the time to homeowners and renters. But what would happen in the event of a fire or other catastrophic loss? You would not receive reimbursement for the item because you would neglect to list it when you submitted a homeowners’ insurance claim.
The easiest way to avoid this scenario is by creating a home inventory checklist. That way, you will have your checklist on hand at all times, allowing you to concentrate on getting back on your feet after your possessions have been destroyed or damaged.
What Is a Home Inventory?
Your personalized home inventory is nothing more than a comprehensive list of everything you own, from the bicycles in your garage to the signed Babe Ruth baseball in your home office. It should include all your possessions, not just highly valuables ones such as jewelry or antiques.
The home inventory can be used to determine how much coverage you need to adequately protect you. It can make a great starting point for a robust discussion with your insurance agent. And if disaster strikes, you can use your home inventory to figure out if you qualify for assistance or a tax break, too.
You can create a home inventory fairly simply with a notebook and pen. Or, you may want to put together a complete document online that includes images and text. Whether your home inventory is high-tech or low-tech does not matter. What does matter is that you have a copy available to you at all times.
In addition to storing a digital copy of your home inventory in a cloud-backed server, you might want to keep a printout at your workplace or leave it with a friend or family member. You can also email a copy to your insurance agent, just in case. That way, when you need to make a claim, you can just grab your home inventory without delay.
How to Take Inventory of Your Home
The simplest method to start taking inventory of your home is to go from room to room. Write down all your possessions in the room. Make sure you are specific when describing items. You may also want to include serial numbers or purchase dates, if they are known.
Other tips to ensure your home inventory is complete include:
- Group clothing together unless an item is particularly valuable, such as a fur coat.
- Make a video on your phone to capture every item at once.
- Keep a record of your receipts. Instead of storing paper copies, take pictures and add them to your digital home inventory list.
Once you have your home inventory checklist completed, put a special note in your calendar to update it annually. That way, you can quickly scan your list. Add new possessions to the checklist and delete any that are no longer pertinent.
Contact us at Strock Insurance for more information on what to include on your home inventory checklist, or to receive a quote on homeowners’ insurance. Get started on your home inventory list today!