Okay, we get it. Taking a home inventory is hardly an exciting way to spend a weekend. Walking around, writing things down on a clipboard…yeah, maybe not the most fun thing to do on a Saturday. But it is very important when it comes to your insurance. A home inventory is basically a list of all the items in your house. No one wants or asks for their home to be destroyed, but if the unthinkable happens and a fire or burglary strikes your house, you’ll be better off if you have a detailed list of everything you own.
What difference does a home inventory make?
Your home insurance policy is there to protect you, but it can’t do its job unless it knows what you need protection from—in other words, what would need to be replaced if a catastrophe happened? If anything was stolen or destroyed, your inventory will help you know exactly what was lost and what you need your insurance company to reimburse you for or replace.
Why is an inventory important to my insurance?
There are a few reasons that an inventory will help you when it comes to your insurance coverage.
First of all, having an inventory will help you know if you have sufficient coverage for your home. Are there expensive items that you’ve forgotten about and haven’t insured? When’s the last time you’ve gotten some of your valuables appraised? Prices for expensive items like jewelry, furs, and art change over time, so it’s important that your insurance corresponds with the current prices. It’s a good way to evaluate if you need any extra insurance for those things that your typical homeowner’s policy won’t cover.
Like we mentioned above, if your home was destroyed due to a fire, you’d need to know what to claim to your insurance company. Having a handy list of your belongings would definitely help with that process. Since we never know when something bad will happen, it’s best to have the list prepared ahead of time.
This inventory will also help you prove to your insurance company that you’ve lost what you say you’ve lost. Insurance fraud is a big problem for insurance companies, so having this record will make it easier on everyone when you make your claim.
How do I take a home inventory?
It’s not hard. All you have to do is walk around your house and mark down the important belongings that are in each room. To help you out and keep you on track, your insurance company will probably be able to provide you with a checklist of things that need to be recorded. You can also take your inventory online if you so prefer.
To make your inventory even more robust, you can also include pictures and videos. That helps to add even more credibility to your claim, and it provides a visual representation of what’s in writing. Having images helps you make sure that nothing is forgotten, and it doesn’t take long to snap some pictures in each room in your house. Don’t forget to include these photos and videos with your written inventory when you’re finished.
What do I do with it when I’m done?
The best thing to do is store your inventory in a safe place outside of your home. A safe deposit box at the bank would do the trick. If it’s in the home when the home is destroyed…well, you see where we’re going.
It’s also important that you keep this inventory up-to-date. You’ll want to make sure that you add any new purchases to it, and that you revise it periodically.
There are a lot of things that you could be doing with your spare time. Taking an inventory probably isn’t on the top of your “super fun things to do” list, but it’s very important in helping you prepare for the future. If something were to happen to your home, having that inventory would be one less thing for you to worry about and it would make things much less stressful for you.
We’d love to talk to you about what coverages you need for your home and to answer any questions you might have about taking your inventory. Call us or fill out this form to get in touch today—we can get you a free quote on your home insurance.