Prepare for the unexpected!
In the event of a fire, flood or burglary to your home, one of the most important pre-emptive steps you can take to ensure the accurate value of your valuables are covered under your insurance policy, is to create an inventory of your home’s contents. Creating a detailed inventory, including serial numbers, photographs and descriptions, will help make filing and completing an insurance claim much easier. Not only will a detailed inventory of your home contents aid in verifying the ownership of your valuable assets, it will also aid in determining the right amount of insurance coverage you need to keep your assets protected.
Document Your Valuables
The first step is to create a list of all of the rooms in your home. For each room, write out a list of the important items such as jewelry, electronics, antiques, collectibles, art, etc… Don’t forget rooms such as basements, garages and storage sheds. Each person will have different items of value. Someone may have an antique china collection, another an entire room devoted to designer shoes. Some of the obvious valuables include TV’s, speakers, computers, but don’t forget items such as power tools, motorized toys and valuable furniture.
In addition to your physical list, take a video tour of your home, going room to room, to capture the important items. Taking photos of the serial numbers, make and models where applicable, will aide in ensuring you have as comprehensive an inventory as possible. With respect to your more valuable assets, keep the bills, receipts and manuals, all of which can assist with proving ownership and value.
For items such as jewelry and art, which have been appraised, ensure you keep the appraisals up-to-date. You will want any appreciation in your valuables to be reflected in your insurance payout.
Keep Your Documentation Safe
You should update your home inventory list yearly. Choose a convenient time each year to set-aside and complete this task: think of it like spring cleaning! Keep the inventory list, along with any receipts and serial numbers in a secure place – which is not located in your home! Consider a safety deposit box or a secure online storage option. Spreadsheets, photos and receipts can all easily be uploaded and saved online, making them easily accessible and updatable.
You cannot plan for unexpected events but you can be prepared.
Do you have questions about this article or about home insurance in general?
Contact Rizk Insurance today and we’ll help answer any inquiries you may have.