Homeowners insurance is financial protection to protect your dwelling as well as the valuables inside. Every homeowner should have some form of insurance, however, determining what coverage you need can be a bit tricky. One of the best ways to make sure that you have the coverage you need to protect all your possessions is by creating a home inventory list.
What Is A Home Inventory List?
A home inventory list is a full list of all the valuable items in your home. It details information about each possession including:
- Description of the item and make, model, and serial number if possible
- Cost of the item and replacement cost of the item
- Where and when the item was purchased and receipts of the purchase if possible
- Any other information concerning the value like if it is a sentimental item, antique, or a family heirloom that has value beyond the cost
This list is then given to your insurance agent to be added to your policy, so that if these items are damaged then you can get reimbursement. It’s also ve3ry useful during the claims process because it tracks what items you had and what was lost during the incident.
When Should You Make A Home Inventory List?
The best time to make a home inventory list is when you purchase an insurance plan. It’s really important to do this if you are a first time home buyer. You also will want to regularly update your list either annually or whenever you make a significant purchase like buying a new appliance or a piece of valuable artwork. At these times you also want to make sure that your insurance agent updates your policy to include the new items.
How To Get Started
You’ll need a couple of things to get started including a camera and a laptop or smart device. Spreadsheet programs like Excel or a free program like Google Sheets can help you keep your list organized. You can also write them down by hand if you find it easier. We recommend simply going room by room, so you don’t miss anything important. Start by taking photos of the items you want covering and write down the descriptions and costs. If you have any receipts from the purchases make sure to either take a photograph of them or scan a copy. Don’t forget to do your garage, shed, and other storage areas like attics and basements.
Once you have the list completed, you will give it your insurance agent and they will begin putting together a plan to make sure everything is protected. The agents at Panorama can help. We’ll review your inventory and offer you a variety of options. We’ll make sure you understand what is covered, for how much, and how to make a claim if it is damaged. Give us a call today and we’ll walk you through the process to ensure your home is protected from any disaster.