While no one likes to think about any kind of losses in their home, be it by mother nature or by theft, there are some good ways to protect yourself in case an unfortunate event happens to you.
A home inventory is an excellent way to expedite the claims process after an insured theft, damage, or loss. This inventory can take several forms, but usually it’s a list of the insurable items in your home, along with information about each item’s value. If you do experience a property loss, your inventory will assist in the settlement of a covered loss or claim. Here are a few tips to help get you started.
Choose A Method
There are several ways to create an effective home inventory.
Perhaps the easiest do-it-yourself solution is to make a video walk-through or take a series of photographs of your home. This visual record can stand alone as your inventory, but for added security combine the photos with another inventory method. For example, you could fill out a home inventory checklist (pdf). Appropriate versions are available online or through your insurer.
There are several digital methods as well. To customize your information, create a home inventory spreadsheet on your home computer. For greater efficiency but a bit less flexibility, purchase a home inventory software program or sign up for an online inventory program. Look for programs that walk you through the inventory process, including attaching digital photos.
The most convenient method – but also the most expensive – is to hire a home inventory company. If you choose this option, be sure to check the credentials of candidate companies carefully.
What Items Should You Include?
Your home inventory should support the claims process for events ranging from the total loss of your home by fire, or other named perils, to the burglary of a few specific items.
A good way to ensure proper coverage is to move from room to room, recording items as you go. Pay special attention to the most valuable items, such as antiques, jewelry, and electronic equipment. Also, don’t forget to include items in your basement, attic, garage, and any detached structures such as tool sheds.
If you have any questions about which possessions are covered by your policy, contact your insurance agent.
Record Information
To establish the ownership and value of your property, your home inventory should include as much of the following information as possible:
•What: Identify the insurable items in your house, either by room or by type. Provide a brief description of each item, including brand name, model name, and serial number. Establish ownership by attaching receipts and/or photos whenever possible. Update your inventory regularly to add or remove items.
•When: Record the purchase or acquisition date for each item. Attach receipts, when possible.
•How much: Attach receipts, credit card statements, or other documents of transaction. For appraisals on items such as antiques, art, jewelry and collectibles, be sure to include the name and address of the appraiser.
Don't Forget to Make Backup Copies
Don’t let your home inventory become part of a property loss. Whichever inventory method you choose, be sure to keep a copy in a bank safe deposit box or other secure location away from your home.
Article submitted by Brennan Purdy of State Farm Insurance
My vision is to be an insurance professional whose actions are driven by keeping the customer's best interest as my primary goal. My staff will treat all my customers in a caring, friendly, and professional manner. My office will provide warm, efficient, and seamless services to our customers at all times. I expect my business to be comprised of knowledgeable, multiple-line customers who see my office as their first and best choice for all their insurance and financial service needs
For more information on these and other home safety tips, stop by my office or visit www.brennanpurdy.com. My office is conveniently located in downtown Bethel. 203-798-7300. 211 Greenwood Avenue , Bethel, CT 06801
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