Insurance policies and home inventory checklists go hand in hand. Homeowners want to make sure that they have a detailed list of personal valuables in the event of a loss.
Here’s what you need to know.
Home Inventory and Homeowner’s Insurance Policy
A household inventory checklist can assist you in the event of a loss, it can also help determine whether you have enough insurance coverage.
Things like: jewelry, electronics, and fine art should be appraised on a regular basis to ensure that you have enough insurance to cover their high-priced value. Your insurance coverage should equal the cost of your belonging at current-day value/prices.
Creating the List
Take a walk through every room in your home and identify all of your belongings.
Take photographs and/or make a video of all of your belongings, and keep this media documentation with your list.
Place all of this information into a fireproof safe or safety deposit box at your bank.
Update the list regularly- keeping it accurate and updated is important.
Information to Document on Your Checklist
Other information that would be helpful to document:
Year Built: Builder
Sq. Footage: Lot
Purchased On: Price
Location of Plot Plan
Location of Deed
Insurance Information: homeowners, earthquake, mortgage, flood, and fire
The Value of Your Belongings
Having a list of your belongings gives the insurance company information for you to get compensated in the filed claim.
Something to ask your agent/insurance carrier: what the basis of claims settlement will be and if you will get replacement cost. Additionally, review your insurance coverage because some surprises aren’t good. See if there is enough money to replace the items when a claim happens.
Keeping Your Home Inventory List Safe
A few tips:
Make sure that you understand the privacy settings.
Keep the information private.
Avoid listing your home address on the inventory list- just in case it does fall into the wrong hands.
Make sure the system you are using is reliable and has security features.
Make the list accessible to adult members of the home.
About Ryan Ruffcorn
Ryan grew up in Keokuk, graduated from Keokuk Senior High, and started his agency in Keokuk from scratch in 2003 after having worked for one of the largest international accounting firms, KPMG, LLP.
Ryan is hardworking; his loyal and trustworthy character is exemplified by the way he does business. He thoroughly enjoys helping clients through the insurance buying process to secure coverage for their most valuable assets.