Secondly, if you ever encounter a serious peril that damages your home, you won’t have to guess what you lost. As a result, you’ll have an insurance plan that fully protects you.
Your list tells the agent more about the costs of replacing your things if you lost them. Your agent will also help you choose the right deductible and riders. When you provide the agent with your inventory list, they’ll help you pick the right coverage for your plan. Making a home inventory is vital for several reasons, but mainly for two specific ones.įirst, it can help you choose the right homeowners insurance policy. How It Can Help You With Your Home Insurance
#Home inventory checklist update#
Because of this, you might want to update your list once or twice a year. You might give things away or buy new things. One thing to note is that your home inventory might change from time to time. You should never lose them if you store them electronically. You can store the picture, videos, and pictures of your things on your phone, email server, or the cloud. You might also want to take a picture of the inventory list.
You could also store a copy at a friend’s home or with your insurance agent. For example, you can place the written home inventory checklist in a safety deposit box or fire-proof safe. Store These Items Somewhere Safeįinally, you should find somewhere safe to store these documents and files. As you do this, make sure you highlight all the expensive things that you would have to replace if you lost them. In other words, pull out your camera or smart phone and shoot a video in each room. It can also be helpful to take a video of your home. Again, you can ask your provider what your plan includes. Others, though, base it on their actual cash value. Some types of homeowners insurance base the compensation on the replacement value of items after a loss. To receive the correct amount of compensation after a loss, you might need extra proof of the expensive items you own. While writing the list, you might also want to take pictures of the expensive things. You’ll need to work through each room inside your house, writing down all the things you own. When you finish one room, move to the next room and do the same thing. While you’re in that room, write down every item you see, and don’t forget to look in drawers, cabinets, and closets. Here are some suggestions to consider using: Write the Listįirst, you might want to grab a notebook and a pen and start in one room of your home. The best way to create an inventory checklist is by combining a written list with photos or videos. Your list will remind you of the things you had, which might make it easier for you to replace them. To Know What Items to Replaceįinally, it’s nice to have a list of everything you own just in case you lose it all. An insurance rider is something you can add to your plan to cover expensive items that your policy might not cover fully. When you make the list, you can show your insurance agent and provide it to the adjuster.įor example, if you own a $10,000 ring, your plan might not cover it without a rider. Next, creating an inventory helps you get the right coverage for your personal property. To Have the Right Coverage of Your Things The insurance company will base the compensation they offer on this list. If you can give your homeowners insurance company this list afterward, it will prove what you had. With a home inventory, you can have all the proof you need for your insurance company if you ever need it. For example, if your entire house is gone from a fire, how will you prove what you had in your home? After all, you might not have any proof of what you owned. If you don’t have a list of your inventory, proving it might be challenging. They may also ask for proof of your inventory. Here are a few reasons you need an inventory checklist: To Prove What You Own If You Lose Your Assetsįirst, when you file an insurance claim for a loss, the insurance company will ask you to make a list of everything you lost. Why You Need to Complete a Home InventoryĬreating a home inventory is crucial if you own a house and have a homeowners insurance policy.
#Home inventory checklist how to#
This guide will explain what a home inventory is, how to make one, and how it can help you if you need to file a claim. What is this, you might wonder, and how do you make one? You can have a record of your things by completing a home inventory. After all, you’ll need this record if you have a complete loss. However, even with homeowners insurance, it’s still important to have a record of the things you own. When a home fire occurs, you can have some peace of mind if you already have homeowners insurance on your house. In 2019, approximately 1.29 million home fires occurred.
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