Whether you own or rent your home, buying insurance for your personal property is only the first step towards recovery after a theft, fire or other type of loss. An often overlooked second step is the household inventory.
Creating a household inventory is essential in making certain you recover the value of everything that is damaged or destroyed. The goal is to make a record of all the items in your home, from the large, such as furniture and electronics, to the small, like jewelry and valuable items stowed away in drawers.
Whether it’s something simple, like a list on notebook paper and a few snapshots, or a more complex record, such as a detailed room-by-room video, any form of inventory is better than none. At least one copy of the inventory should be kept in a safe deposit box or somewhere away from the home. If possible, include receipts, serial numbers, warranties and other information to help with the payment or replacement of higher valued items.
Since you are always adding and removing items from your home, a copy of your inventory should be accessible and updated accordingly.
Not sure how to begin? Many homeowners’ and renters’ insurance companies provide helpful resources designed to make the home inventory process organized and simple. For more information, give us a call today.