How to Take Inventory for Your Home Insurance Policy
Everyone knows homeowner’s insurance is vital to keeping your property safe. In fact, in the vast majority of places in the United States, you cannot buy a home without having at least a certain minimum level of home insurance coverage. But what’s the best kind of coverage to have, and how do you know how much to carry?
Getting the proper insurance to cover you if the unthinkable happens means knowing how to take inventory of your home and possessions. This is a step-by-step process that just requires some forethought and preparation. Learn how to take a home insurance policy inventory so you can ensure that in the event of disaster, your property and possessions are properly covered.
What Is an Inventory?
When we ask the question “what is an inventory?” we’re talking about in the sense of a home insurance policy inventory. Like any other inventory, it’s a record of your property, which you can use to file a claim should you need to do so. Without an inventory you’re at a marked disadvantage when the time comes to collect your insurance money.
Not only does an inventory help to backup your claims of what you owned, it helps you to determine if you have enough coverage to replace all of your possessions and repair needed damage. It can help you spot gaps in your coverage and account for valuables you overlooked before.
What to Document
When you’re creating a record of the things you own and what you need to have covered under your insurance policy, you need to not only record everything you own from your clothing to your electronics, power tools, appliances and jewelry, but the right information about each item.
You should record a brief but accurate description, including the manufacturer, make and model of the item; any serial or other identification numbers, the date you purchased the item and the price you paid when you purchased it. Retain receipts if possible, and take photographs of every item you document.
Taking a Home Insurance Policy Inventory
There are several methods you could use to complete your inventory. The most basic is to do it the old-fashioned way: keep a notebook, file or spreadsheet with all the information in one place. If it’s a physical file, keep it in a safe deposit box or fire safe. If it’s a spreadsheet, keep it in the cloud.
You could also make a video inventory. Walk through your home and shoot everything you can while narrating the descriptions, purchase dates, prices, and the like, and photograph the serial numbers and prices. You could also use software in the form of desktop or apps. There’s plenty of free options available, and they can be easy and convenient and even help to guide you through the process.
Of course, your insurance company can also be a huge asset in this area. Talk to your agent and have them walk through the home with you. They can help you get the best coverage for your property. At Harris Insurance, we’ve helped Las Vegas area residents get the right coverage for years, and we’re ready to help you. Give us a call for more information today!