Creating a home inventory is one of the most important lists you can create and maintain as a responsible homeowner. Most policyholders do not keep receipts of all their personal belongings, as it can be very difficult to find time and space to maintain such documents. As such, the Insurance Information Institute (iii) reports only 52% of homeowners have made home inventories of their possessions.
Why you need to create a home inventory
A home inventory can assist you in determining if you have purchased enough coverage for your contents, as well as expedite the claims process should a loss occur. Should theft, damage, or a loss occur, a home inventory will assist any policyholder when asked to provide proof of the items in their home, via pictures and/or receipts.
Here are some tips to create your very own home inventory
1. Decide which type of inventory to create
There are many ways to make a home inventory including listing the make/model and estimated price of the items in your home on a piece of paper. However, there are other effective ways to create an inventory such as using a smartphone app, or simply taking pictures or videos of each item and providing its information and estimated cost.
2. What you need to add to your home inventory
Your inventory should include a descriptive list of the items you own including their age, approximate cost, where the item was purchased, and its condition. When adding items such as accessories and clothing, be sure to record the numbers of each type of clothing. For example "1 pair of jeans, 2 dress slacks, and 2 suits".
3. Don't forget about items which may not be in plain sight
You will want to make sure to account for items located in boxes, in drawers, an attic, or shed. These items may be tucked away now, however they are still at risk of being stolen or damaged.
4. Update your home inventory frequently
A good rule of thumb is to update your inventory annually. However, should you receive items of value throughout the year, it is easy to add those items to you inventory when you can. Should you move to a new home, be sure to re-do your inventory to account for all items from room to room.
5. Where to store your inventory
It is suggested to keep copies of your inventory in more than one location, so it does not get lost. Keeping a digital copy of your inventory via email, the Cloud, Dropbox, etc. are recommended so you can easily access this document in the event you are away from, or cannot return to your home. If you have chosen to write down your inventory, make copies, and save them in a safe place such as a fireproof and waterproof container, along with other important documents.
Should you have any questions about your coverages, or to ensure you have adequate coverage for your contents while creating your home inventory, be sure to contact your agent or call Edison Insurance Company at 866- 568-8922.
