Home inventory insurance3/1/2023 ![]() ![]() You can use a spreadsheet, or even a word processor to help build a record of your belongings. Some mobile app providers already offer ready-made solutions, but many homeowners choose to build their own home inventory (don’t worry, it’s easy) rather than depend on third-party providers.Ī home inventory is a detailed account of what you own. How to build a home inventoryįirst, you need to decide which type of home inventory works best for you. Using scheduled coverage can be more expensive, so it makes sense to save specialized coverage for high value items and to use a home Inventory to document the value of other personal property. These are all examples of items you can include in a home inventory to show the details of each item and prove that you own each item. Think about things like laptops, cameras, furniture, nice clothes or shoes, appliances, or even some jewelry items. These items might fall under the broader personal property coverage on your home insurance policy, in which case you’ll definitely want to include these items in a home inventory. However, many of us own things that fall somewhere in the middle in regard to their value. In both cases, if you chose scheduled coverage, your insurer already has detailed information about these specific valuables, including an appraisal or purchase receipt. In many cases, homeowners choose to insure high-dollar valuables on a separate policy or with scheduled (itemized) coverage that insures these special items to their full value. Also, with today’s high-tech tools, making a home inventory is easier than ever. While a home inventory isn’t strictly necessary, having a detailed list of your belongings can help expedite your claim. Just add new items if you purchase something of notable value and delete the items you no longer have. The good news is that once your home inventory is built, maintaining your inventory is a breeze. Yes, a home inventory can take some time, but to call it work might be a stretch. A home inventory is a way to keep track of your belongings and to easily show your insurer a detailed view of what you owned at the time of a loss. Much like the inventory of a store or a business, the items you own may change over time, and each item has a value. Imagine if you could lift your home and flip it upside down-most items that fall out, will be considered personal property and should be documented. You can think of a home inventory as a catalog of your belongings. Here’s what you need to know before building your home inventory. ![]() Making a home inventory is easier than you might think, but there are some important steps you don’t want to miss. As a matter of fact, your insurer will require that you provide proof of ownership and will request receipts or a proof of purchase. If you have a home insurance claim, creating a home inventory becomes a powerful reference tool that can help expedite your claim and ensure you get the correct claim settlement amount. About 1 in 20 homes has an insurance claim each year due to damage, theft, or other covered risks according to the Insurance Information Institute.
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