Nobody wants to experience a home disaster & it’s not like you can predict when one will happen. If you were to experience a fire, flood, earthquake or other home disaster, would you be able to name every single valuable in your home? If not, you need to create a home inventory list of all your valuables.
Preparing a home inventory can be a large task, but taking the time to do so can make a difference of thousands of dollars when it comes to your claims settlement as well as simple ease of processing your claim.
For many of us, where we live symbolizes us and what is in that house symbolizes our lives. Our belongings represent our memories, personal style and even investments that hold significant value such as art. When you add up how much all of your personal items are worth, it can be a substantial figure into the many 10s of thousands of dollars or more.
Home insurance claims from disasters such as flood or fire are traumatic. A home inventory checklist can help you remember quickly what items you had. Would you recall exactly how many pairs of jeans you had and what brand they were? Would you recall how many pairs of shoes you had or what brands they were? What about art? Could you recall the name of the artist and how much you paid for it?
The Easiest Way to Create Your List
Taking the time to inventory your home can be useful in the event of theft or damage to the contents of your home.
- Take pictures of every room in your home. Then, take pictures of each valuable in the room.
- Take a video of every room in your home.
Note: be sure to store these pictures or video in the cloud as a backup so you don’t lose it in the fire or flood too!
If you were to experience a home disaster, having this list will significantly cut down on how much time and stress you deal with when it comes to your claim settlement.
What Valuables in Your Home Need a Separate Endorsement?
Remember, valuables like art, furs, comic books, antiques and jewelry need an endorsement on your current home, condo or renters insurance policy.
The good news is your insurance agent likely gave you sufficient coverage for your personal property. If you feel like you need more, be sure to tell your agent. Home, renters and condo insurance policies typically come standard with this coverage but you might need more.