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Five Easy Steps to Taking Home Inventory
Even though home insurance is an integral part of protection your home and belongings, many policyholders let it fall by the wayside.
Why take a home inventory?
According to the Insurance Information Institute, having a home inventory handy can speed up the claims-filing process substantially (this means that you get reimbursed for losses quicker) and will help you in purchasing the right amount of coverage to protect your belongings.
But don’t let the inventory overwhelm you. We have put together five easy steps to make your home inventory easy.
1. Make a List
Start by making a list of your belongings, where you bought them, and how much you paid for them. When inventorying electrical equipment or appliances, be sure to note the product or serial number. These numbers can typically be found on the back, bottom part, of appliances.
The Insurance Information Institute recommends making a separate category for clothes, counting each piece and noting any items which are exceptionally valuable (antiques, valuable clothing, etc.).
- Quick tip: If creating a list seems intimidating, start small. Record recent purchases and larger items first. Then work your way down to older and smaller items.
2. Note the Most Valuable Items
Antiques, art, and jewelry can be devastating to lose. Once you have made your list, be sure to single those items out. If you are not sure what they are worth, it is a good idea to get an appraisal on those particular items, so you know how much coverage to purchase.
Also, ask your home insurance agent if these items will be covered by your policy. Items such as the ones mentioned above may not be covered under a normal policy. If that is the case, you will need to buy a policy rider to make sure they are covered.
3. Take Some Photos
Taking pictures of your home and personal possessions comes highly recommend by insurance industry professionals. This helps you create a visual record for your agent and yourself.
Once you have photographed your belongings, be sure to label the disk, memory card, or prints, explaining what is shown and what date the record was made.
4. Save Your List to a Computer
You will want to save your list to a personal computer for safekeeping. Keeping photos, a paper list, and an electronic file will serve as an added layer of protection in the event of a loss.
- Quick tip: Store your list by emailing it to yourself or saving it to an online server. The Insurance Information Institute also offers a no-cost program called "Know Your Stuff" which you can take advantage of and use to document your possessions by room.
5. Store Your Files, Lists, and Photos in a Secure Place
Add one more layer of protection, and store your inventory somewhere outside of your home. This way, it cannot be damaged by a flood or a fire. Give a copy to a friend or a relative for safekeeping. Your bank's safe deposit box is also a great safekeeping alternative.
Now that you are on your way to compiling a thorough home inventory, it is important to review your list annually and make adjustments for items you have purchased, as well as items you no longer own.
Keeping your inventory up to date and detailed will speed up the claims process in the event of a disaster. It will also be a way to make sure that you have enough insurance coverage to protect you sufficiently. So don’t be intimidated while doing your home inventory. Use the tips above to get it done effeciently and quickly!
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