Do you need to complete a home inventory?
If you’ve secured home insurance, then your agent has likely advised you to make a home inventory. However, because this task is admittedly tedious, many put it off for as long as possible. But there is a reason why insurance agents tell you to create a home inventory. Here’s why it’s so important.
Having an updated home inventory is essential to managing your homeowners insurance. This is because your inventory is a comprehensive list of all the items you own. In the event of an emergency, you can reference your inventory to see which possessions you need to file a claim for. Your inventory also documents the value of each item, which helps you secure an adequate amount of personal property insurance.
While the idea of documenting every item you own is daunting, there are some steps that you can take to make this process as painless as possible. For instance, you should take the following steps:
- Go room to room when creating your inventory. Do not forget to include the items in your basement, attic, and other often-forgotten storage areas.
- Take your time. Attempting to finish your inventory all at once will only make you frustrated and increase the chances of making a mistake or forgetting items.
- While your inventory should include every item in your possession, be particularly meticulous when documenting valuable items such as jewelry, artwork, collectibles, electronics, furniture, and so on.
- Your inventory should include as much information on each item as possible. For instance, you should include photos, receipts, and a written description of each possession whenever possible.
- For your high-value items, you should also include an appraisal report, so you can show that an expert verified the item’s listed value.
- Every year, you should update your inventory, making sure to add any new items that you have acquired and removing any old items no longer in your possession.
This is why it’s so important to have a home inventory. Do you have further questions about home inventories or homeowners insurance? For assistance with all your coverage needs, contact an insurance professional at Westwood Insurance Agency today.