In the event of a fire or other damage to your property, would you be able to remember all of the items you lost? Having an up-to-date home inventory can help you get back on your feet and make the claims process faster following a disaster.
- Make it a goal to create an inventory for one space in your house each week and soon you’ll have a complete list.
- Document your valuables with general descriptions, cost, and when and where they were purchased. Record serial numbers, if applicable.
- Make sure you have sufficient insurance coverage for big-ticket items, such as jewelry, art and collectibles. They may require an endorsement in addition to your standard homeowners or renters insurance policy. Save receipts and appraisal documents with your inventory.
- Don’t forget items that may be tucked away in a garage, basement, attic or storage shed.
- There are many free apps that can help you create a list of your belongings, organized by room.
- You can also use your cell phone to take photos or video to document your possessions.
KEEP IT UP-TO-DATE
- Make a habit of adding any significant new purchases and receipts to your list.
- If you have a paper inventory, keep a copy somewhere outside of your home or make a digital backup.
- Keep a copy of your digital inventory on an external drive or cloud storage service. Photos and video you take with your phone may automatically be saved to cloud storage.
- If using an app, make sure the information you enter is backed up and that you know how to access it when you need it.
Inventory Creation – 5 Easy Steps
- Grab your camera or smartphone and take a tour of your home.
- Record everything you’d want your insurance company to replace. Don’t forget all the stuff in your closets and garage. You may have a hard time convincing your claim adjuster that yes, you really did have 63 pairs of shoes or top-of-the-line ski equipment.
- Pull together copies of sales receipts and any other documentation. Also note model and serial numbers.
- Store your home inventory and related documents in a safe and easily accessible place, including online, with friends or family, or in a safe deposit box. Don’t rely solely on your home computer, which should always be backed up, in case of fire or a hard drive crash.
- Add up the replacement costs for all of those items to make sure you have enough insurance.
Creating a simple home inventory helps you track what you own and what it’s worth. You home inventory is invaluable when you decide how much insurance coverage you need, and ensures you are adequately protected if you ever need to file a claim.
Talk to Your Insurance Agent
Once your inventory is created, add up the replacement costs for all of your items. Then, discuss your situation with your insurance agent to make sure you have the right coverage to meet your needs.
To find out more about homeowners, condo, or renters insurance, contact your AAA agent or 1-866-222-7868 to learn more.