If your household belongings are lost to fire or theft, your homeowners policy will likely provide you with funds to repurchase those items. However, without an accurate and detailed listing of your valuables, how can you possibly know exactly what you lost?
A Home inventory can help. It provides a practical way for you to ensure that everything you own is protected fully from loss. It gives your insurer a record that helps determine the amount of your loss, assures that you receive appropriate reimbursement and can accelerate the claims process.
Creating a home inventory is easy and requires only a few simple steps.
1. Start writing. List all of your major belongings and furnishings, room by room. Include items tucked away in drawers and hidden in storage. Don’t forget to provide a brief description of any big ticket items, noting details such as purchase price, serial numbers, etc.
2. Produce records. Back up your inventory list with receipts or appraisals when possible. Take photographs of your belongings, noting the date and shown contents on each picture. Or, you can videotape each room, describing the contents as you go.
3. Store it offsite. It wouldn’t be helpful to keep you inventory in your home – what happens if a fire destroys everything, including your records? Make copies of your list, receipts, photos, etc., and keep them in a safe deposit box or with a relative.
4. Update regularly. Be sure to update your inventory as you acquire new items, particularly those of high value. Also, it is essential to conduct a new inventory whenever you move into a new home. Keep copies offsite.
You can also find tips on how to take a home inventory and sign up to keep your home inventory records online using the Insurance Information Institute’s free online home inventory software.
Be aware that policies generally limit the amount of coverage on certain possessions (for example: Jewelry and silverware) and may not be adequate protecton for other possessons (for example: cameras and fine arts) – consider purchasing additional insurance on these items.
For more information about the limitations and adequacy of your homeowners policy coverage for your possessions, please give us a call at 856-935-0845, or visit our website at www.hdyoung.com.
Henry D Young Inc is a Trusted Choice® Insurance Agency
The information in this article is meant as a guideline only. There is nothing in this article that alters the coverage or interpretation of any specific policy. Because some statements are generalizations, and because different companies’ policies contain slight differences, please refer to your specific policy. Call our office before making any judgements or decisions concerning your particular situation and coverage that may, or may not, apply.
