Home Inventory: Bread and Butter of Home Insurance
You’re feeling comfortable now. You’ve bought a home and your family is settled in. You’re making a life for yourselves. You were smart enough and bought a home insurance policy. Then tragedy strikes. Your home is invaded and your possessions are stolen or, god forbid, there is a fire and you lose most of your things. Your home insurance will help you, but you have to help it by providing a home inventory. But what should it look like? What do you put on it? Now you have the answer!
1. Make a list of your items. Don’t rush. Make a note of where you bought it and when. If you still have the receipt paper clip it to the list. Be sure to include the make and model of the items. Purchase contracts should also be included if available. For things like washing machines and such write down their serial numbers. Clothing should be separated by category. Pants, shirts, coats, shoes and the like.
2. If you’re a new home owner this process is easier so don’t get overwhelmed. As you buy something record all the pertinent information, make a copy of the receipt (hint: stores can print up a receipt copy right when you buy the item).
3. Valuable items like jewelry, collectibles and art are variable worth. Meaning the overall worth of the items changes. Depending on your insurance you may not have enough to cover these pieces and as such you may have to insure them separately.
4. Insurance companies have always been a bit “shy” over lists when it comes to certain items. Someone who lives in a trailer park and owning a $20,000 ring is unlikely. It’s always wise to take a picture of your items that are of higher worth to avoid a possibility of fraud allegations.
5. Use a video recorder and walk through your home. Give a tour. Describe the items. This, with your list and pictures, will make any insurance company pay without question.
6. Using a computer record your list into a spreadsheet. Scan in your receipts and pictures and save them online somewhere that you could get them just in case that fire proof safe you bought isn’t as fire proof as it should be.
7. Take a copy to your office. Use your filing cabinet in your office to maintain another copy just in case.
8. Store you finished list in a fire proof safe. Keep copies at your office, a family or friends place or online. Protect yourself 200% and you won’t have to worry about the insurance company denying your claims.
It may seem like a hassle, but it’s a hassle worth having when something unforeseen happens.