We all hope that we’ll never have to file a large claim on our homeowners insurance. Unfortunately, however, that is the reality many families face after a fire or other devastating loss. Since trying to come up with a list of your home’s contents can severely delay your claim, it makes sense to take inventory now. In the event that you do lose your home’s contents, you’ll be able to get your life back on track much more quickly.
There are several different ways to take inventory of your home’s contents. It doesn’t really matter how you do it, as long as you don’t procrastinate and you remember to update it periodically. Some people choose to simply walk through their home with a video camera. This captures everything without much effort, so long as you remember to open drawers, closets, or jewelry boxes where valuable items might be hiding. Others choose to write down everything in a notebook. Although this is obviously more time-consuming, it is an acceptable form of record keeping.
Ever heard the expression, “there’s an app for that”? Sure enough, there are even smartphone applications that help you take inventory of your home. Of course, the downside of this is that you can’t lose your phone in the fire. Choosing an app with the capability to store your information on a cloud would be ideal. This way you can access the information from any computer or device with an internet connection.
When you take inventory, remember to make a note of brand it can cut down your shopping time when it’s time to replace everything.
Since statistics show that roughly 30 percent of homeowners don’t purchase enough insurance to adequately cover contents, don’t be surprised if your policy appears to fall short after taking inventory. It’s a good thing you discovered this now, rather than after a catastrophic event. Talk to your insurance agent about purchasing enough coverage to protect all of your home’s contents, and put your mind at ease.