Why Home Inventory should be important to YOU!
How much are all your belongings worth? Do you know? Exactly? Really?
All your belongings in your home from furniture, dishwashers, and electronics will add up to a big price tag. But if you do not have a home inventory list, your guess will be just as valid as your insurance companies. It might seem that obvious for business to keep track of their inventory, but what you may not know is that you will need one for your home as well. Although your home insurance will provide you with protection in the case of a loss such as a burglary or fire. It can only pay for the items that you can prove your ownership of.
By creating a home inventory, you can protect your belonging and will give you a documented record to refer to. Here is what you need to know about conducting a home inventory.
Why is a Home Inventory List Important for My Insurance?
Not only does an inventory list provide you with a checklist of your possessions in the event of a loss, it helps you determine if you have enough insurance coverage. As a rule of thumb, your coverage should equal the cost of your belongings at today’s prices. Expensive items, such as jewelry and fine art, should be regularly appraised to guarantee you have enough coverage, due to the nature of their values.
How to Conduct a Home Inventory
To complete an inventory for your entire home, begin by walking through every room and identify its contents. Be as specific as possible and include the manufacturers name, price you paid, and date of purchase. It is best to keep the receipts of larger purchases to ensure you get a fair replacement value after depreciation. It’s helpful to take photos or video of the items, this media will need to be kept with your list. Include the date when you complete your list and each time you update it.
One obvious scenario that would have been extremely helpful was our experience with Hurricane Harvey. Many, if not thousands have lost majority of their belongings, and sadly will only get a percentage of their total loss. This is where a home Inventory list would have been extremely helpful.
We hope that we can motivate you enough to start this process and get everything on inventory. If you need a list, we have many ready to go for you to start filling in. We hope that you may never need it, but we want you to be prepared if you ever do. Keep Receipts and serial numbers if you can!
For any questions, call click or email us. We are always here to help our VIP’s!