As your best local insurance agency in Tyler, Texas, Bosworth & Associates Insurance, wants to help you make sure that your homeowner’s insurance policy or renter’s insurance is covering the valuables in your home.
Too often, we’ve seen instances where the contents of a home are lost or damaged, and the owners don’t have homeowner’s insurance to cover the home’s contents. When this happens, thousands of dollars can be lost, as well as the emotional impact from losing your valuables.
When it comes to insurance for your home, it’s never too soon to take an inventory of your home’s contents.
When should a home inventory happen?
Now! Don’t wait—the longer you wait, the harder it may be. Chances are you will accrue more things, lose your receipts, etc.
Set aside time and make your inventory as soon as possible. You’ll be glad you did! (And your local insurance provider will thank you as well!)
Why is an Inventory for insurance purposes important?
In the event of a loss—it could be a natural disaster, theft, etc. you need to be able to prove the value of the items in your home to get the most out of your insurance claim.
Without detailed proof, it’s hard for insurance companies to determine value, and in turn, for you to receive compensation.
If you make an insurance claim, your insurance company is going to ask for proof. Have it available and ready. This will make everything more simple.
This is especially true in the case of natural disasters. If you’ve just experienced the trauma of losing your home, the last thing you want is to try and remember all you’ve lost. A detailed inventory list with videos and photos will prove invaluable at this time.
What should you inventory?
That’s going to depend on your valuables. Still, it’s a good idea to take an “attic, to basement, to garage approach.” Be thorough. Many times people forget items of value they’ve stored away or tucked in closets or basements. As you do your inventory, you might find you need more coverage, as you might be surprised by how many valuables you actually own.
You should inventory your valuables—all of them—especially items such as jewelry, art, collectibles, firearms, electronics, etc.
An excellent place to start is your items of high value.
This is that moment you wish you would’ve kept all those receipts.
Receipts are a good place to start—if you have them. They’re a solid, verifiable proof of value. Take photos of your receipts as well as putting the hard copies somewhere safe.
It’s a good idea to keep these receipts and other proof of value paperwork, such as appraisals, all together and in a secure place.
It’s also a good idea to have backups—copies, photos, videos, etc.—of these items stored in a different secure location.
In case of an emergency, this paper trail could save you time and money when it comes to an insurance claim.
When it comes to categorizing your items, find a system that works best for you.
It could be items of the highest value, collections, a specific kind of item, items of personal significance, etc. Some people find it easier to just go room by room.
Whatever method works best for you, make sure your inventory is organized. Keep backups of all the paperwork. Keep copies of files and paperwork outside the home in the event of a break-in, fire, or other natural disasters; and make digital copies.
Ways to Inventory:
In today’s digital world, putting together an inventory of your home’s contents for your homeowner’s insurance has never been simpler.
For starters, if you want guided help, several apps are available to make things easy for you.
If you aren’t interested in using the apps, at least use the other technology at your disposal to make it easier.
Start by taking a video of the contents of your home, garage, etc.
The video can be a good starting place.
Once you’ve identified the items that you want to list, start documenting. Use the below list as a guide for what to include in your inventory.
What To Include in Your Inventory:
Your homeowner’s insurance company wants to determine the value of your home’s contents. Having receipts helps a great deal.
Depending on the item, it’s also helpful to have the cost or appraisal from when you purchased it. If relevant, document the model, make, or serial number of the item. Provide a detailed description of the item. If possible, note the date you bought it.
If you don’t have receipts, you should estimate the item’s current value and include any purchase notes to back up your claim.
Losing the contents of your home is stressful enough. A comprehensive inventory of your home’s contents for your homeowner’s insurance can at least make sure you’re compensated and help you take the steps to move forward.