You’ve bought insurance for a worst-case scenario. But having insurance is just one step. Taking an inventory of your possessions is another. Why? In case of theft, loss, or damage due to fire or a weather-related event, you’ll know what to claim—plus, it can prevent a delay in your claim. Here are some questions to consider when creating a record of your home inventory:
What Will Your System Be?
Besides deciding what you would want to be replaced, figure out what process for cataloging works best for you. For example, you can make a spreadsheet or take videos and pictures using your smartphone. Check with your insurance company; they may have an app or online form available.
Where Should You Start?
Don’t let yourself get overwhelmed. Organize your inventory by room. Start with a small closet or the kitchen. Also, make it a habit. When you get something new or get rid of something, update your inventory.
What Should You Include?
Ask your insurance agent what documentation will be needed to make a claim. You may need to add receipts, purchase contracts, basic descriptions, serial numbers, make and model, and estimated cost in your records.
How Can You Keep the Inventory List Safe?
Store your inventory in a fireproof safe, an external drive, or an online storage account. Be sure it is a place that is easily accessible.
Hopefully, you won’t have an emergency that requires you to file a claim. But if you do, you’ll appreciate that you are prepared.
As a Realtor and an Insurance adjuster, this article was refreshing to see. Most often, when Personal Property is damaged, insured’s have no photos or information. As mentioned, photos, videos & written lists will be your saving grace. Stand in each room, with closet doors & drawers open and video. Do a video circle of the room, then photograph each item of furniture then video & photograph items in the closets & drawers. Remember this, if you have visual proof of personal property, the carrier cannot deny settlement if damaged. If you have no proof the items exist, you’ll come… Read more »
I love this..great advice and thanks for reminding us and the first of the year is a great time after the holidays as we may have new items to add…dont forget the holiday decorations…..