Insurance losses are unpredictable, and you never know when fire or theft will threaten your home and belongings. Once the insurance loss happens, you might feel stressed and overwhelmed if you haven’t prepared in advance. That’s why it’s important to inventory your items and make sure you have the right insurance coverage:
Details & Information
Collect as much information as possible about your possessions. You don’t want to have an insurance claim denied because you failed to include information that you should have. Collect serial numbers, brand/model names, purchase values, and purchase dates for all of the items that you can. As you add new items, make sure to update your inventory and keep receipts for major purchases.
Clothing & Accessories
It’s easy to remember to inventory your big screen TV, but don’t forget about smaller items that are also valuable. Clothing, jewellery, shoes, and sports equipment should be added to your home inventory.
Pictures & Video
Take some time to take pictures or video of every room in your home, along with the attic, garage, and shed. Open drawers and closets to take pictures of the items contained within. Save your pictures/video in an organized fashion and be sure to label them along with the date they were taken. If major changes are made (such as a renovation or a big new purchase), update your audio-visual evidence to account for these changes.
All of your insurance documents, inventory lists, and pictures should be stored in a fire-proof location, like a safe. Also make backups and store them off-site, like at a relative’s house or in a safety deposit box. Scan copies and keep digital copies on your computer, in your email, or on a cloud storage service.
Know Your Policy Limits
Some specialty items are not usually covered as part of standard homeowner insurance policies. If you have a stamp collection or expensive artwork, speak with your insurance broker for a customized policy that includes coverage for these items.
Review Policy Yearly
Your personal property can change a lot in a year. You need to make sure you have the personal property coverage to replace all of your belongings, so make sure you review your policy yearly. Speak with your insurance broker if changes are needed.
In the event of damage or theft to your property, it’s important to be prepared so you can get back to normal as soon as possible. Follow this home inventory checklist and you’ll be prepared.