4 Tips to Help Protect Your Home With a Home Inventory List

According to the Insurance Information Institute, 52% of homeowners had a home inventory as of June, 2015. That means nearly half of homeowners are not prepared for the chance of a disaster or theft. But a home inventory is not only a good idea for people with home insurance, those who’ve purchased renters insurance or condo insurance should also keep a home inventory.

What Is a Home Inventory?
Put simply, a home inventory is a list of the processions in your home. The list can be a simple hand written list, or an in-depth video tour with supplemental financial records that show the cost of each item when purchased.
Should something catastrophic occur to your home, this list will allow you to easily calculate the total of your losses while filing your claim, without adding an additional stress to a difficult time.

Don’t discriminate between family heirlooms and everyday items: While something that has been passed down in your family for generations might be precious to you, it’s monetary value won’t always correspond with its emotional value. On the other hand, that hum-drum washer and dryer you purchased a few years back could represent a significant value.

Catalogue Your Collections: Losing a single book or record from your collection might be a small financial lost, but if you are a serious collector then it is important not to neglect these items. You might be surprised how much a well-stocked library costs to replace.

Back Up Your List: Your inventory won’t do you much good if it destroyed in the same fire or flood that destroyed the rest of your home. Make sure that you have additional copies of your inventory–preferably a digital one.

Keep Your Policy Up-to-Date: Just because you added your new sofa to your inventory list doesn’t necessarily mean your covered. As the value of your possessions grows, you might find that your home insurance no longer covers the total amount. Review your home insurance at least once a year to make sure you are getting the best rate, and fullest coverage available.

It can seem daunting to take the time to document every single item in your possession, but it’s better to do this before a disaster strikes. After all, imagine how difficult it would be to try and recall each and every item lost after something happens.

If you have any questions about home owners insurance, auto insurance, life insurance, or more, please feel free to call and speak to one of our experts today.

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