If you’re in the market for homeowner’s insurance, or even if you already have homeowner’s insurance, here’s some advice: take inventory of your home.
There are two reasons to take inventory of your home for your homeowner’s insurance policy. The first reason is many homeowner’s insurance companies will ask for an inventory of your home before they offer you a policy. The second reason is having an inventory of your home will make it easier for you to prove what was stolen or damaged, therefore making the process of filing a claim and being reimbursed much quicker.
However, taking inventory of your home goes beyond just jotting down a list of expensive items and tucking it away in a drawer somewhere. Keep reading for advice on how to properly take inventory of your home for your homeowner’s insurance.
Make a detailed list of everything you own. Don’t panic – you can exclude things such as that shabby rug in the guest room that you only keep around to hide Fido’s first accident before he was house-broken, but do make sure to include everything of value – art, jewelry, expensive china and silverware, electronics – everything. Take pictures of the items, dig up receipts if you have them, and even consider taking a video of these items, as well. For electronics, you should also note the make, model, serial number, etc.
Regardless of how you choose to document these items, don’t keep the documentation in your home – that defeats the purpose should your house burn down. Keep the documentation in the bank, at your parents’, in a big safe you’ve buried in a secret location in a far off country – where ever. Just not in your home.
Finally, take your list, and other documentation if you like, to your homeowner’s insurance agent to find out if everything you own is covered under your policy. You may need to purchase additional insurance if it’s not.
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