Documenting Valuables for Homeowners Insurance Policies

Homeowners insurance offers peace of mind to individuals that want protection for their homes as well as the valuables housed inside. But how can a person really know what they have when the time comes to arrange for replacement? Most people choose to keep an inventory of what items they have in their homes to ensure they are well taken care of should an incident occur. Here are a couple of ideas for how to create a home inventory.

home 300x300 Documenting Valuables for Homeowners Insurance Policies

Decide on a List or a Video

Some people like to have a list of items they own in the home as well as a video that shows the items inside the structure. This is a matter of personal preference and it might be a good idea to talk to an insurance agent to find out which option makes more sense. Ideally, both will work when the time comes to replace items. According to US News, creating a home inventory list can help save a homeowner time and money in the event of an emergency. 

Start With the Big Stuff

It can be overwhelming to look at everything in the house and start making notes. In fact, it’s impossible to include every item a person owns. For this reason, it makes sense to start with the bigger items and work down. Big items can be things that are actually large in size or it could be items that cost the most money. Either way, it gives the homeowner a starting point. 

Work With Another Person

While one person can do an accurate and thorough job of documenting items in the house, it often helps to have another person available to help. Sometimes two sets of eyes will look around the various rooms and see different things. This prevents items from being overlooked. Each person can work on their own list and then compare, or the two can work together to create a master inventory. 

Add Details

While a list is great, the more information included on the list, the better. For example, after writing down what the item is, it helps to add some descriptive information. When adding a television to the list, the homeowner needs to include the size of the screen, the manufacturer and any features that the television includes. This will help the insurance company know exactly what needs to be replaced.
 

The cost of the item also needs to be included. Most insurance companies aren’t going to give a homeowner the exact amount they paid for the television. However, they can use the purchase price to come up with an items depreciated cost. All of this information is an important part of the Homeowners Insurance Schedule.

Keep Everything Updated 

As time goes by, things will change. Items will be updated or newer models will be purchased. When this happens, it is important to keep the inventory list up to date. Old information could mean getting less money for items that were inside a home during a theft or disaster.

 

Image credits:FreeDigitalPhotos.net/Stuart Miles

Source: http://money.usnews.com/money/blogs/my-money/2014/02/24/why-you-need-a-home-inventory-checklist

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