Home Insurance Inventory Checklist
Considering the possibility of personal loss from theft, flood, fire or other disasters is an emotional issue. Simply imagining the loss may have a person avoid preparing for the possibility. However, without insurance considerations, the financial toll could be high. To ensure that you recoup money for your personal assets, an inventory is vital. An inventory helps provide proof of your belongings to the insurance company and can reduce time to settle a claim. Inventories should include a description of items, receipts when possible and pictures.
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Inventory preparation
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A document or spreadsheet is the first consideration for a checklist. Create one that has columns to document the number of items, description, cost and when the item was purchased. The document can be separated into each room of your house. Don't forget to add a sheet for the garage, lawn items, the attic and the basement. Gather the receipts that you have and a camera.
Taking inventory
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Inventory can be taken room-by-room. Write down the number of a specific item. For example, a living room may have two lamps and two bookcases. Write down a brief but accurate description. For example, write down Sony 21-inch screen television instead of simply writing television. Document the cost of the item in case you don't have a receipt and write down the year it was purchased. Items can also be documented in groups instead of a room to room inventory. For example, if two people in the house have jewelry, they can be listed on a sheet designated jewelry.
An important part of taking inventory is taking pictures. For example, if you have an antique table, a picture can help an adjuster evaluate the condition. If it was a family heirloom, you won't have a receipt as a way to show replacement value.
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Keeping documentation
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An inventory checklist is only valuable if you can get to it when needed. According to the U.S. Department of Agriculture, keep two copies of the inventory sheet in the home and keep a copy in your safe deposit box. Pictures should also be kept in the safe deposit box or if you have a digital camera, keep a compact disc record at home and in your safe deposit box. It is also a good idea to keep receipts outside the home. If a fire or flood occurs, the documents could be lost. Along with these items, keep insurance contact and policy information available in case of a disaster.
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References
- Photo Credit storm image by Boguslaw Florjan from Fotolia.com
