Courtesy of iii.org
Creating and updating an inventory of your personal belongings is one of the best ways to get the most out of your homeowners or tenant insurance policies, and makes the application easier and more efficient.
A home inventory is simply a list of your personal belongings along with their estimated financial value. You can create a home inventory in a simple, low-tech way by writing everything down in a notebook and storing receipts in a folder. Or you can take advantage of technology and use a digital camera or smart phone or app to make your record.
No matter how you choose to do it, the most important thing is to take action. An updated home inventory will:
- Helps you buy the right amount and type of insurance. Having an accurate list of all your belongings helps you have a more productive conversation with your insurance staff when making decisions about homeowners or tenants. After all, if you do not know what you have, how can you adequately insure it?
- Make the application as simple as possible. Most people do not remember what they had for breakfast let alone remember the contents of the attic, kitchen cabinets or downstairs closet after a fire, storm or other disaster. Disasters are frightening and stressful, which can make trying to list damaged property for a claim form even more challenging. Having your belongings already documented in your home inventory can be a great relief at times like these.
- Prove financial losses for tax purposes or when applying for financial aid. Following a disaster, the only way to determine if you are eligible for tax relief or disaster relief is to prove your financial losses. A well-organized home inventory can be an extremely useful tool in this process.
Next steps: Use these tips to get started with your home inventory.