Here’s why it’s important to create or update your home inventory this spring.
While many homeowners associate spring with spring cleaning, there’s another household activity that you should undertake this season. This spring, you should take an inventory of your personal possessions, or, if you already have an inventory, you should make sure to update it this season. Here are some of the reasons why it’s important to have an updated home inventory on hand.
1) An inventory helps you determine the replacement cost value for all your belongings, which is important when it comes to your homeowners insurance. Homeowners insurance policies will cover the cost of stolen or damaged personal possessions, however, there is a dollar limit to this coverage. Having an updated home inventory will help you determine whether or not your policy is offering you the amount of coverage you actually need.
2) Another reason why you should have a home inventory is that it can help you figure out what items are missing or damaged after a burglary, fire, or other major event. If you fail to report missing or damaged items to your insurer, you will not receive compensation. If you ever find yourself in such a situation, you can use your inventory as a checklist to verify which of your belongings you would like to file a claim for.
3) Finally, having an inventory will speed the claims process along. Normally after a major loss, you will have to provide an inventory to your insurer. Rather than rushing and struggling to remember everything of value in your home, it’s better to have your inventory already completed.
These are some of the reasons why it’s important to create or update your home inventory this spring. Do you have more questions regarding your home inventory or about your homeowners insurance in general? Don’t hesitate to contact the team at Westwood Insurance Agency. We are ready to assist you with all your coverage needs.