How to Document Your Personal Property? The Importance of a Home Inventory.
When disaster strikes, having a home inventory ready will speed up your claims handling process. Also, it may relieve the stress and the overwhelming burden of preparing one after the fact.
A home inventory ensures that homeowners are sufficiently prepared, in terms of their insurance coverage, to deal with potential losses. A detailed list of all the items destroyed, damaged, or stolen is required for an insurance claim. Proper documentation ensures a faster and smoother claims process, as well as maximizing your insurance reimbursement.
Information Included in a Home Inventory Report
The information gathered in a home inventory report includes:
- Detailed Property Description.
- Photos and video footage.
- Estimated or appraised replacement value.
- Scans of receipts and important documents.
A simple way to start is to take pictures or home video on your phone. Take four pictures of each room, then a picture of your foot before you move to the next room. In each room, take pictures diagonally across to the opposite corner to capture items on the ceiling like ceiling fans, lights, and chandeliers. Then, before leaving the room, take pictures of all open drawers and cabinets. Be sure to include pictures of personal property in your attic, pool, garage and other outdoor structures. From the pictures or videos, you can expand to incorporating the corresponding receipts, serial numbers, and other identifying information. You can also include proof of purchase, if available, of electronics and appliances.
If creating a home inventory video catalog seems like a daunting task, there are easy to use mobile apps to help you create a detailed home inventory. Please remember to keep your inventory updated on a regular basis. We recommend doing this work every spring when the clocks change prior to hurricane season.
Keeping a Home Inventory Secure
Once your home inventory is complete, store the information in a safe location away from your house such as a safety deposit box, at your agent or lawyer, or by uploading it to a secure data backup provider.
Creating a home inventory today, will help make sure you are paid in full and as promptly as possible. Unlike the many homeowners affected by the California’s wildfire that, without a home inventory, are facing difficulties obtaining a full payout from their insurance company.
