Whether you’re a first-time homeowner or you’ve been in your current home for years, you already understand the value of protecting your home from weather, fires, and other unexpected events. Those same events can also damage or destroy your belongings, and you’re entitled to compensation to resolve that loss. But if you aren’t sure what’s actually in your home, getting that compensation becomes a lot harder. That’s why it’s so important to complete a home inventory to assess everything you own before disasters strike. Here, Muller Insurance explains how.
Understanding the Home Inventory
A home inventory is quite simply a detailed list of everything of value that’s kept in your home. It should include items such as jewelry, electronics, artwork, sporting equipment, clothing, and more. This may seem like a lot of work, but keep in mind that when your home is damaged and your possessions have been lost, it will be extremely difficult to remember everything you own. Just as importantly, you will likely have a hard time finding receipts and other useful information needed to verify the contents of your home when making a claim to your homeowner’s insurance policy.
How to Create a Home Inventory
Taking a home inventory is very straightforward and easy to understand. Getting started is simple – you can use a spreadsheet on your computer or choose one of the many downloadable apps to help.
When recording the items you own, try to be as thorough as possible. Your inventory should include:
- Item descriptions
- Serial or model numbers
- Dates of purchase
- Value at the time of purchase
- Replacement costs
You should also save paper or digital copies of receipts, if you still have them, to verify the value of your items. It’s important to be as accurate as you can and supply an adequate amount of detail to support your claim. Items of unusual value should be insured separately.
Home Inventory Tips
If you’re feeling overwhelmed by creating a home inventory, don’t worry – you’ll enjoy greater peace of mind when you’re finished. To help streamline the process, keep these tips in mind:
- Make small goals: Complete one room at a time, or even one area of a single room. For example, start with your home entertainment area.
- Be systematic: Create a plan for documenting each item and stick to it. This will help ensure that you don’t miss any important items and that you can track your progress as you go.
- Use pictures and videos: Take a quick snapshot of each item you’re documenting to record its condition. A video of the room will also help ensure that you’ve accounted for every item in the space.
- Keep a backup: Whether you record your inventory digitally or on paper, always make a copy of your work. A digital backup kept in Cloud storage helps ensure that your hard work won’t be lost if paperwork gets damaged.
- Update your inventory: Add new items as you purchase them to ensure everything is up-to-date and accurate.
You should also check with your insurance agent to make sure you have the appropriate coverage for your items. Some high-value items may require additional coverage to protect you from loss.
Protect Your Home and Belongings
Just like your homeowner’s policy, a home inventory is an important part of protecting you and your family against loss. If you need more information about creating an inventory, contact Muller Insurance today. Our friendly, experienced agents can address your insurance needs and help you take steps to get the right coverage for your home.