If a fire destroyed your home and belongings, would you be able to recall how many pots or pans you had? How many business shirts, movies, or jewelry? Do you remember where you purchased your furniture and how much it cost – or would cost to replace? Filing a claim with your homeowner’s insurance carrier can be stressful, especially if you are not sure of how much stuff you have or how much it would cost to replace the items. A home full of belongings and valuables can be hard to keep track of. That’s why it is important to have a home inventory list, to keep track if your belongings and its value. When creating a home inventory list there are a few important things to remember:
• Don’t Keep Putting It Off
It can be hard to take time out of our busy schedules to make a long list of all of the things you own, but accidents are never planned. It is better to make the time to create your home inventory list than to have something happen and be without it.
• Take Pictures or Record Video
Pictures are a great way to keep track of the exact style or condition of your belongings. You can show that an item was new or in like new condition when it was damaged to ensure that you receive the most for its replacement costs. Video recordings also provide a great way to document what you have, the condition it is in, and where and how you kept your belongings stored. Visual documentation provides you with tangible evidence of what you owned.
• Go Digital
In addition to a paper copy also keep a digital copy stored on your computer or on a cloud service so that it can be located at any time. You don’t want to lose it when you need it the most!
• High Value Items
In addition to keeping track of what you have, how much of each item you own, and what it costs, high value items such as jewelry or art should also be appraised. Keep the appraisal in a safe place, or store a digital copy of it. Your insurance carrier may require an appraisal in order to receive the full value of a damaged or stolen high-value item.