Why having a home inventory is useful.
While home insurance agents recommend having a home inventory, many homeowners avoid this task because of how tedious and time consuming it is. However, not having an updated home inventory could put you at risk. Here’s why creating an inventory for your home is so important.
The Importance of Home Inventories
Having an updated home inventory is essential to managing your homeowners insurance. This is because your inventory is a comprehensive list of all the items you own. In the event of an emergency, you can reference your inventory to see which possessions you need to file a claim for. Your inventory also documents the value of each item, which helps you secure an adequate amount of personal property coverage.
Tips for Creating Your Home Inventory
The idea of documenting every item you own is daunting. However, there are some steps that you can take to make this process as painless as possible.
- Go room to room when creating your inventory. Do not forget to include the items in your basement, attic, and other often-forgotten storage areas.
- While your inventory should include every item in your possession, be particularly meticulous when documenting valuable items such as jewelry, artwork, collectibles, electronics, furniture, and so on.
- Your inventory should include as much information on each item as possible. For instance, you should include photos, receipts, and a written description of each possession whenever possible.
- For your high-value items, you should also include an appraisal report, so you can show that an expert verified the item’s listed value.
- Every year, you should update your inventory, making sure to add any new items that you have acquired and removing any old items no longer in your possession.
Storing Your Inventory
After creating your inventory, you need to make several copies and keep them in secure locations. For instance, you should keep a physical copy in your home and a digital copy on your devices. This way, you can access it immediately following a claim event. You should also ask a trusted family member or friend to keep a copy of your inventory so you can access it if your home is completely destroyed, and you cannot reach any of the copies you have stored in it.
This is why homeowners need to create and update their home inventory. Do you have further questions about your inventory? If so, then contact the experts at Duane Weber Insurance, Inc. in Kent, Washington. We are ready to assist you with all your coverage needs today.