Home Inventory Tips

2006-05-15

When it comes to homeowners insurance many people wonder if they should take a home inventory. Your homeowners insurance policy has a set amount regarding property but is it enough to cover replacement of those items should you need to file a claim?

The answer of whether to take inventory is a resounding yes. Homeowner quotes for property might seem like enough coverage at first glance. However, until you really examine what is in your home you won't know if you have enough coverage.

Let's look at a television for example. 'Owner A' has a 26" color television that retails for approximately $400. 'Owner B', on the other hand, has a five-foot plasma television with a sticker price of $5000 minimum. If both owners have the same property allowance on household items that's a big chunk of change 'Owner B' will lose when trying to replace the unit with one of the same value.

So not only is it important to take an inventory of what items you have for your homeowner's police coverage, it's also important to consider the cost of the items when it comes time to replace them. It should also be suggested that you take photos of your items for your home insurance company before anything happens to them. It's true a picture can say a thousand words. If you need to file a claim to your home insurance provider, having a picture that shows the item in the home helps prove you do, in fact, own the items.

This also helps you, the homeowner, by having a reference of what you owned prior to an incident. Often we go day to day and never realize how much 'stuff' we actually own until it comes time to recall it and replace it all. With the trauma of losing these items that task might be even harder if you're not prepared. By taking photos and a written inventory in advance it not only helps speed up the home insurance claim process but it's also one less thing you need to worry about in an already stressful time. It's important too that you remember to store this inventory in a fire safe just as you do with your other important documents. This way they are protected and secure should the terrible happen.

Losing one's home is a nerve-racking experience but by being prepared in advance you'll have peace of mind others might not. With advanced inventory of your home you'll know you haven't forgotten anything when talking to your home insurance company and you can focus more on getting your life back in order.

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