Taking Home Inventory for your Insurance
Most home owners don’t take inventory of their expensive personal belongings… For most, when you need an inventory of your personal belongings, it’s too late to make one. Sure, you can reconstruct it but undoubtedly, you’ll forget things and that can cost you money when filing your insurance claim.
In general, most homeowner’s policies have a certain amount of coverage for personal items that can be 40-60% of the value of the home.
Homeowners who have had a loss usually are asked by the insurance company for proof of purchase, which is in the form of a receipt or current inventory of their personal belongings.
Even the most organized people might find it difficult, if not impossible, to find receipts for the valuable things in their home. It happens all the time…You’re rummaging around in a drawer or closet trying to find something and you discover something that you had totally forgotten you had.
An inventory list is like insurance for your insurance policy to be certain that you list everything possible if you need to make a claim. Systematically, make a list of the items by going through each room, along with drawers and closets. In a clothes closet, you can list the number of shirts, pants, dresses and pairs of shoes but higher cost items should be listed separately.
Photographs and videos can be adequate proof that the items belonged to the insured. A series of pictures of the different rooms, closets, cabinets and drawers can be very helpful. When video is used, consider narrating as it is shot and be sure to go slow enough and close enough to see the things clearly.
For more detailed information about how you should take your home inventory, speak with your insurance provided about specifics.
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