Preparing a Home Inventory and Why It’s Important
An up-to-date home inventory will assist you with –
- Purchasing enough insurance to replace personal belongings
- Having your insurance claim settled faster
- Substantiating losses for their income tax return
There are several ways to create a comprehensive home inventory. A written schedule describing the property and a photographic or video record of items are good methods.
We recommend a video with narration, as this would provide an irreplaceable reference file which, when making an insurance loss claim, is the best way to establish the value of personal property. If a written inventory is used, the addition of photographs is strongly recommended.
Whichever method is utilized, you should go from room to room describing each item, its brand name, make, model, serial numbers, age and price. An estimate of age and price is better than nothing and any other pertinent information will be valuable in assuring a prompt and agreeable claims settlement.
Don’t forget to include items stored in attics, basements, closets, garages, sheds, etc. Make particular note of expensive items, such as collectibles, furs, and jewelry as these items might need separate insurance.
Copies of the completed inventory, along with appraisals and receipts, should be stored in a secure location away from the home; in a safe deposit box, a place of work, or on a remote electronic file.
If completing an inventory seems overwhelming, have your insured just focus on items above a dollar threshold (i.e. $100) the first time through. Encourage them to decide on a way that works best for them and have some fun completing it!]]>