You never know when you might experience an insurance loss. Luckily, with the proper home insurance in place, your personal belongings will be covered. When submitting a claim, it can be tough to keep track of everything that may have gotten lost in the accident. This leads to many homeowners not collecting the full insurance benefits they may be entitled to. By keeping track of your personal belongings, you can make sure you’re submitting an accurate claim, and are receiving the correct monetary amount in return. A great way to keep track of your personal belongings is to create a home inventory list. By having this list prepared ahead of time, you can save yourself time, stress and money! Read on as ARC Insurance highlights some important tips to keep in mind when creating your home inventory list.
Information to Include in Your Home Inventory List
The more detailed information you have on your personal items, the easier it will be for your insurance company to determine an accurate value for your claim. Regardless of how you choose to organize your home inventory list, here are a couple pieces of important information to include. These suggestions won’t apply to every item on your list, so just tick off as many boxes as possible.
- Model name
- Where it’s located in the house
- Serial number
- Purchase date (or time frame)
- Current condition of item
- Proof of purchase (receipts, bill of sale, even an owner’s manual will help)
- Photos of items
Other Home Inventory List Tips
Review it regularly.
Your inventory list won’t do you much good if it’s completely out of date. Your yearly spring cleaning is a great time to update your list. A large increase in your home value (renovation, art, jewelry, etc.) is also a good time to both update your list and notify your insurance broker.
Keep it safe.
It’s a good idea to store your inventory list and all associated documents in an off-site (or online) location to safeguard against losing everything in a fire, flood, etc. Consider a safety deposit box, or going digital and keeping everything online.
Source: ARC Insurance