Would you be able to name everything you own if asked? No, of course not! But in the event of a total loss of your home, that’s exactly what you’ll have to do.
So, what do you do when your home and belongs are completely…gone?
You prepare by having a home inventory.
What IS a home inventory?
A home inventory is simply a list of the items you own along with and their quantity. This can be done on paper, with photos, on video, or all three!
Why it’s important to document your stuff.
- Having a current home inventory will help you determine the correct amount of insurance to buy.
- By having your items documented, you will be able to get your claim filed faster and to the adjuster. You won’t be wasting time trying to recall what was in that back closet.
- Did you also know that you may qualify for a tax break? After a catastrophe, the only way to find out if you qualify for a tax break or disaster assistance is to know what the amount of your financial loss. The fastest way to do that is to keep your home inventory updated and organized to expedite that process.
- You deserve it! These are your things and you’ve worked hard to earn them. Make your insurance policy work for you by being prepared for whatever may come your way.
What do homeowners, renters, & condo/townhome insurance policies cover?
Each policy comes with Personal Property coverage as part of their policy and covers the majority of household items.
Items that fall outside of that are listed separately in under the “Special Limits” coverage. Your policy will dictate the maximum it would pay for specific items like money, bank notes, coins, passports, stamps, jewelry, furs, watches, firearms, silver and goldware, property away from your home, and others.
It’s best if you review your policy limits to see if you own any items that are worth above your policy limits so you can purchase additional coverage if necessary.
How to create a home inventory
Start by downloading your home inventory form here.
- Decide if you are going to organize your inventory room-by-room or by categories
- Describe each item and if possible, where it was purchased and the approximate date.
- For larger items such as computers, TVs, and electronic equipment, document the model or serial number.
TIP: If you have receipts or appraisals for larger items, take photos or video of each.
At the very least, take photos and video of what you own in each room.
Open drawers, closets, and cabinets to help you document your belongs.
Technology to the rescue! – Safekeeping your list
It’s always recommended to back up the information to another source in case something happens to your phone or the app.
No matter how you’ve documented your items, back it up! Send yourself a digital copy through email or send it to the cloud. That way, you’ll be sure to find it when the time comes because what’s the use in making a list if it gets destroyed?
Coverage From All Sides
We’d be happy to help you determine the correct level of coverage for your belongings and property. If you haven’t had your home policies reviewed within the past 2 years, please give contact us
You never know when you’ll be making that call to report a claim and we’d like to make sure that you are protected as best as we can.
Peter Cole, insurance agent and partner at Pentagon Insurance Agency in Elk River, MN, began his career in the industry more than 30 years ago. He prides himself on backing up every sale by personally providing service to his clients and by providing the coverage they need at the best possible price.
Contact Peter to discuss your situation today!
Read related home insurance articles
- How to Get Your Belongings Back After a Loss [download]
- 5 Good Reasons to Get Your Chimney Checked Now
- 5 Tips When Buying Home Insurance
- Insurance & Your Spring Project
- Creating a Home Inventory to Properly Insure Your Personal Property