This article will discuss how to create a list of your belongings to make filing an insurance claim much easier. In the event of a fire or other disaster would you be able to remember the value of all of your possessions? Creating an up to date home inventory will help you settle an insurance claim faster and ensure your losses are completely covered. Here's how to create one.
If you're just moving into a home setting up a home inventory is fairly simple but if you’ve been living in a home for a while it might be a little more complex. Although this might be a little daunting we can break the process down into simple steps.
What is a Home Inventory?
A home inventory is a list of your personal possessions along with their estimated financial value. This inventory can be as complex as a binder that includes recipes and pictures or as simple as a notebook with your possessions and with values written down inside.
Pick a small room or area in your home to start your inventory. Your sports closet, jewelry box, or even something as small as a kitchen cabinet is a good starting point.
List Recent Purchases
Make a habit of listing recent purchases and noting the cost of these items. This will ensure that your home inventory is up to date.
Include Basic Information
It is important to include basic information on your possessions. This could be make and model, the year it was purchased, and any distinguishing features of the item. This will make it much easier to ensure that you are fully reimbursed for the cost of your lost possession.
Keep Proof of Value
Make sure to store any receipts, purchase contracts, and appraisals with the the description of your item if possible. More concrete proof of value ensure that you will be completely reimbursed for the total value of your item.
Don’t Forget Off-Site Items
Your belongings kept in a self-storage facility are also covered by your homeowners insurance. Make sure to include these in your inventory list.
As we all know in this modern age technology can be a powerful tool. Including pictures of all the items in your inventory or making a video of your home can be a great way to document your possessions.
Home inventories are meant to be utilized in times of disaster. That being said, make sure your home inventory is stored somewhere where it can be found and utilized if your home and property is damaged. You can store this information online, at your office, or in a safety deposit box.
We hope this information is helpful and inspires you to make a list of your possessions just in case you even need to file a claim with your homeowners insurance. At Southern we know how devastating it is to lose your home to fire or flood. Taking time to document and plan for a rainy day is a great way to make sure a loss of this nature is resolved quickly and to the fullest extent. If you have any questions or want more information about homeowners insurance give us a call at (423) 296-0626.