In an instant, you can lose it all! Fire, flooding and theft are unpredictable and cause devastating damage to your home and possessions. If someone steals your items, you may require a police report for the claim. Although it’s a stressful and confusing experience, you have to fill out plenty of paperwork and ensure you meet insurance requirements before filing a claim. Otherwise, you risk losing everything, or you will have to pay for everything out of pocket, which will cost a decent amount of money.
After your home has been struck by disaster, you might feel overwhelmed. That’s why you should be prepared. Having a home inventory checklist will allow you to keep track of all your possessions and know what to replace in the event that your stuff gets damaged or stolen. It’s important to note that this is considered a personal insurance claim. With that said, it’s time to explore the many uses of a home inventory checklist, how to make one and what to include in it.
A home inventory checklist explained
What is a home inventory checklist? A home inventory checklist is a list of all the items you can find in your home. In this list, you will need to include the replacement value of each item so that you can get appropriately compensated if they were to get damaged or stolen. This is especially true if you have valuable items like purses that require luxury handbag insurance or expensive rings or watches that need jewellery insurance.
The role home inventory plays in insurance claims
Having a home inventory will ensure you are prepared if you have to make an insurance claim. Having a list of your belongings, along with their approximate replacement values and visual aids such as photos and videos, is necessary for making claims. Your insurance company will ask for evidence of the claim and for the replacement value of your items. Having receipts makes a difference because they will be your proof during your conversation with the insurance agent.
Understanding what a home inventory checklist is will allow you to insure all the items that you hold dear. All your belongings may be important to you, which is why you will need basic information about everything you want to insure. Creating a home inventory will make keeping track of everything a breeze. It’s an effective way to prevent lengthy home insurance claim processes. With that said, we will explore ways to create a home inventory for your prized possessions in the next section.
Creating your home inventory checklist
Creating a home inventory isn’t too hard. It can be done in the old-fashioned way or with just a few clicks. How you organize things is completely up to you. As long as you can keep track of everything, you won’t have to worry about anything. Here are the most common ways that people create a home inventory:
Pen and paper
Some people prefer to keep track of their items by writing down each item with a description. This list should be kept in a safe place like a lockbox or safe. You shouldn’t primarily rely on this method, though, because accidents can happen. Be wary of using this method because it can be easy to lose a piece of paper, especially in a house fire. For these reasons, you should have backup copies of your home inventory.
Virtual spreadsheet
Some people keep track of everything online. Creating a spreadsheet on a laptop is an efficient way to organize the list of items in your home. It can allow you to sort your stuff into categories and input the replacement values to forward to your insurance company as needed. Add some visual aids to your spreadsheet to give it some additional details. After all, they aren’t just your belongings; they are part of your life.
Photos and videos
If you’re a visual person, consider taking photos of your belongings. This will show you what you have in a visual way and let you store important information such as barcodes. Additionally, you can take videos of your home inventory. This, along with multiple photos, will allow you to provide more thorough descriptions of your prized possessions. This can be done on a smartphone.
Home inventory apps
There are many home inventory apps to choose from. These are often made by an insurance company and are an efficient way to keep track of your belongings on the go. This is the option we recommend because it allows you to combine the previous three methods. The right home inventory app will allow you to track everything from the purchase date of a valuable item to off site items.
Once you decide how you’re going to organize your home inventory, you can get started on your list. It’s important to keep in mind that not every method will work for everyone. For example, some people prefer writing things down, while others prefer the convenience of home inventory apps. Regardless of your preferences, you need to get the details correct. With this in mind, it’s time to talk about how you should create your home inventory.
Tips for creating a home inventory for an insurance claim
If you have to file a home insurance claim, you will be asked for a list of damaged or lost items. Having a list of just your belongings beforehand will be easier than creating a list of inventory from memory later. In addition to photos and proof of ownership, a home inventory will simplify filing an insurance claim if you need to do so. Besides being prepared, having a comprehensive list will also ensure you have the right amount of insurance coverage in place. Continue reading to uncover the best tips for creating an inventory for an insurance claim:
Don’t forget the details
When creating a list in your spreadsheet or home inventory app, include as much information as possible. Include the purchase dates, values, serial numbers and brand names before making your claim. You shouldn’t forget off-site items either because they might end up in your home at some point. Keep your home inventory up to date and add new items regularly. Remember to keep receipts for expensive items to be compensated with their replacement value if something were to happen. You can also keep digital receipts to ensure you have a backup copy.
Include everything
You might not think of them right away, but your clothing and accessories, such as shoes and jewellery, should also be included in your home inventory. If needed, you can attach extra sheets to your list to include them. In some cases, these items need their own separate insurance policies and might not be covered under traditional home insurance. Keep this in mind because insurance adjusters will tell you that you have to pay for the replacement costs if they aren’t insured.
Take photos and videos
You should always take photos and videos of the rooms in your home. Don’t forget closets, the attic, the garage and any outlying buildings on your property. Open drawers and take photos of the contents. It will help prove ownership of items and can let you document multiple items that you may have forgotten otherwise. Remember to label the pictures and videos with the date they were taken and to update them as needed. Chances are, you will acquire new valuable items over time.
Keep your documents in one place
Keeping everything in one place simplifies things. That’s why you should keep your home inventory, photos and videos, a copy of your insurance policy and any supporting documents in a secure and fire-proof safe. You should also create multiple copies and store them in separate locations, such as safety deposit boxes or at a relative’s house. One missing purchase date or serial number can make a difference when making an insurance claim.
Keep digital copies
Hard copies aren’t immune to damage. However, digital copies of photos, videos and other documents can live forever if you store them on your computer. Email everything to yourself and store them in an inbox folder that you can access when you log into your computer. Ensure you put them somewhere with lots of storage to have nearly unlimited photos in a PDF file. Having a record of everything sorted into various categories is helpful. You have to be organized when creating a home inventory checklist.
Review your insurance policy
Review the personal property coverage limit of your insurance policy annually. You should more specifically review your home insurance policy. The personal property section of your policy protects your possessions and home contents against damage, destruction, or theft. Make sure that your coverage is enough to replace all the items listed in your home inventory; otherwise, going through the claims process might feel like it’s for nothing. Consider purchasing additional coverage, such as high-value home insurance, if necessary.
Take your time
Starting a home inventory from scratch may seem intimidating, especially if you’ve lived in your home for years and haven’t been in your attic or basement recently. Just remember you don’t have to do it all at once. Take one room at a time so you stay focused and don’t get overwhelmed. Set aside an hour each day or once a week until you’ve completed each room in your house. It may take some time, but it's well worth it in case you ever need to file a claim. Make sure you update the list regularly to include new purchases or gifts.
By following our tips, you can create a home inventory that includes everything you need. Everything from having the correct serial number to getting additional coverage for valuable items like musical instruments can make an impact. Homeowners should be aware that details matter. Having a home inventory that includes everything you own is essential when making an insurance claim. Having an insurance company compensate you for replacement costs is more affordable than paying out of pocket.
Protect more than just your belongings by contacting BrokerLink today!
Having a home inventory can be helpful if you have to make an insurance claim. It will ensure you get the full value of your items without any obstacles. Standard homeowner, condo and tenant insurance policies usually have limited coverage on certain items, such as furs, jewellery or specialty collections (stamps, coins). Make sure you discuss these items with your insurance broker, as you may be able to buy more coverage.
If you have any questions about what is covered by your homeowner’s or contents insurance, don’t hesitate to contact your BrokerLink broker. We work hard to make sure you have the coverage you need to protect the things you love, whether it’s a brand-new entertainment system or your grandmother’s jewellery. You can have peace of mind and focus on enjoying your time spent at home. Contact us today to find an insurance company and policy that suits your needs, along with helpful home insurance advice.
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