If you want to protect your personal possessions in case of disaster or any other mishap, you will need to have a complete and up-to-date home inventory. This way you will be able to get yourself reimbursed by your insurance company much more easily. Making a list in this regard serves a number of purposes. In addition to offering you a detailed documentation of your belongings, it also helps you to know the exact value of your possessions. The process can seem to be quite time consuming and demanding, but in the end it really is going to count. No matter how much time it might take, always remember that making a home inventory is something that’s very important. Below are the phases that should be involved in making a home inventory:
The Home Inventory List
The list you will make should include all details of your items and belongings. It is best if you include the description of the item, its cost, its age, the replacement cost, where it was purchased from, and if you received the item as a gift. In short, do the best you can to enter all the details. You may also realise while going through the items the first time, that you might not have an instant recollection of the details. Give it a second try after a break if you can’t remember, and everything should start to come back to you! Make sure that you don’t forget the items that happen to be in your garage or in the attic.
Be sure of the Replacement Cost Endorsement
You will need to ensure that the insurance policy you have opted for contains the replacement cost endorsement for all of the contents. It is only going to cost you a few extra dollars on a yearly basis. Trust me when I say that it’s really worth it. If you also happen to have a number of collectibles, expensive jewellery, silver, or other related items, always be sure to remind your agent about them all. It may also be necessary to re-list some of the items in order to have sufficient coverage. Your policy may well also limit the number of items in the coverage. Here it’s best if you talk to your agent about any other related coverage options which are suitable for the protection of your investment.
It is optimal if you take digital photos of all the items and collectibles along with the description of the items. Furthermore, store all the details on your computer and also on the internet in order to have a backup of all the documentation. Also include photos of the outside of your home and close-ups whenever they are required. You can also use your camcorder in this regard in order to have video proof and documentation of your belongings. The idea here is to have solid evidence in case the data might be demanded by your insurance company.
Updating the Inventory
Always try to update the inventory on a yearly basis and never hesitate to include all of the items you have in your home. The best time of the year to do it all is the beginning of the year, right after you are done with your winter holidays. This happens to be the time of year when most people buy a plethora of items.
By making a home inventory and updating it from time to time, you will have peace of mind that your investment is being protected in all regards.