When tragedy strikes, the last thing you want is to be left with the responsibility of recalling everything you own that has been lost or damaged (at stressful times like this, you are sure to miss something!). Homeowner’s insurance serves to help mitigate the at times devastating effects of home accidents, such as house fires, as well as natural disasters. One of the best ways to ensure that you are getting the most out of your homeowner’s insurance is to create and frequently update a home inventory. Read on to learn what making a home inventory entails, as well as how to go about creating one.
What is a home inventory?
A home inventory is a running list of all of your possessions. It’s the best way to make sure that your homeowner’s insurance is benefitting you as much as it could be if you have to make a claim. The inventory provides easily accessible proof of ownership, organized well, so that you can get back to normalcy as quickly as possible if things go awry with your home.
Why is a home inventory necessary?
A home inventory will make your life easier by:
- Helping you file a detailed and accurate insurance claim,
- Making it clear how much insurance coverage you need when you are doing a plan review,
- Giving you confirmation of any losses on your tax returns.
What kinds of possessions should be included?
While not every item category may be covered in your insurance plan, it is important to catalog all important items just in case. Below is a list of ideas for types of possessions that should be listed in your inventory:
- Furniture
- Clothing and accessories
- Electronics – essential and recreational
- Appliances around the home – fridge, microwave, stove, dishwasher, etc.
- Books
- Items in storage
- Furnishings, like rugs, curtains, and blinds
- Anything else of importance to your home.
How to create a home inventory
Here are some tips for sitting down and creating your own home inventory:
- Start small and work your way up. Begin with most recent purchases, or start in one small area, like an individual room. Or, begin by cataloging pictures only and work your way through other means of identification. Starting small will help you avoid overwhelm.
- Hard numbers are very helpful to insurance companies. That’s why you should scan or keep important receipts and, when possible, include serial numbers of different items.
- Take photos of items whenever possible to provide your insurance with proof of ownership.
- Seek assistance if needed. There are plenty of accessible online resources to help, including apps and online spreadsheets made specifically for this purpose. Or, consider hiring help. Home inventory assistants exist in every state.
- Update often/as needed with new items for your inventory.
Superior Insurance and Auto Tags is dedicated to answering your questions and assuring that you know what is best for you and your home. Set up a consultation with us today to learn more about our exceptional service offerings, or call us with remaining questions about creating a home inventory.