Home Insurance and Making a Home Inventory
Having homeowner's insurance is the first step in securing your investment in your property, but a home inventory helps protect all of your assets inside of it. Though rummaging through your house to jot down every one of your possessions may seem like a time-consuming task, it may help you be certain that you have adequate homeowner's insurance coverage in case of a future claim. You may also experience a faster claims process when it comes time to replace your belongings.
While you could hire a home inventory company to make a professional list of your assets, you can also make the list yourself just as easily. Visit each room of your home, taking care to record items of significant value, such as your jewelry, furs, original artwork, musical instruments, home appliances, electronics and antiques. Be sure to include items stored in your attic, garage or basement as well. Take pictures of each item you record for your home inventory, and include a brief description of the item as well as serial numbers and appraisal values, if applicable. If you have receipts or other proofs of purchase, include those with your inventory list as well.
Once you've completed your inventory, make copies of your documentation to provide to your homeowner's insurance company and to keep for yourself. Remember that though you have a copy of your home inventory, it may become damaged, lost or destroyed in the event of a fire or other property loss. Be sure to keep your copy in a location other than your own home, such as with a close family member or inside a safety deposit box. And, finally, be vigilant about making continuous updates to your inventory as it can quickly become outdated as you acquire additional possessions and assets.
