Would you be able to remember EVERYTHING you own if your home were destroyed by a fire or other disaster? Having an up-to-date home inventory can help you get your insurance claim settled faster and help you purchase the correct amount of insurance.
by Joe Soda in Personal Insurance on Friday, October 28, 2016
The best thing to do is to get started right away. The easiest way to create a home inventory is to take a video of each room.
You may want to start with big ticket items. Get video or photos of those items, including any serial numbers, make and model information. Make a note on the photo or in the audio portion of your video on where and when the item was purchased, if you remember.
Next, open up drawers, kitchen cupboards, dressers, desks and closets. The more detailed you can get, the better. Explain what's inside and provide details of expensive items or those that may be difficult to replace. It's better to take the extra time now to document specific items than wonder later if something was accidentally omitted after a loss.
Remember to include any collections—yours and the kids'! Step outside and record any applicable items in your yard ... the grill, any outside furniture, any outdoor play structures, etc.
Don't forget to include items in your garage and storerooms. Even though you may not use some of those things every day, having to replace them could get expensive.
Once you've completed your inventory, regardless of how you document it, store a copy offsite either in a safety deposit box or with a friend or family member.
Keep it Updated
It's easy to create your inventory video and then forget about it. But, every few years, and certainly every time you make a major purchase, update your home inventory. Keep receipts, as well.
Completing your home inventory is just part of the process to protect your possessions. It's critical that you follow up with your insurance agent to make sure your homeowners insurance policy reflects the right amount of coverage. Also, if you have have expensive items like jewelry, electronics, collectibles, sporting equipment, etc., your agent can help you determine if a separate endorsement is needed to make sure the items are properly insured.
NCMIC Insurance Services is experienced in helping D.C.s protect everything they've worked so hard for, including their possessions. We're ready to answer any questions you have about homeowners insurance. Just call 800-769-2000, ext. 8180.