When you purchased your homeowner’s insurance policy, you bought it with the intention of having financial coverage for your home and property if any of it is damaged, lost, or stolen. Of course, that is what it is designed to do. But when you file a claim for damaged or lost property, it can sometimes be difficult to determine the value of the damaged property because it has been damaged beyond recognition or there is no physical evidence of what it looked like before it was lost.
To help assist your carrier during claims like these, it is always a good idea to have a home inventory on file. Basically, a home inventory is just a list of items you own and their values. Making a home inventory is quite simple, but can be time consuming. Set up a time when you can walk around your home listing all the items that could financially hurt you if they are damaged, lost or stolen. Also, get your camera ready as pictures can be extremely helpful.
Contact your carrier to see if they have a specific home inventory form or procedure. Starting in one room, walk through and take pictures of everything. If you have any receipts for items, make copies to include in your inventory. Once you have written down everything you want to include, make a copy and submit it to your carrier. If any changes need to be made throughout the years, make them and send them to your carrier as well.
Along the way, you may find that some of your items may not be fully covered by your homeowner’s policy alone considering the limits your policy has within it. Contact us or your carrier to find out more about fully insuring all your items and making a home inventory.