Home owner’s insurance is purchased by all of us with hopes that we’ll never have to file a claim. Of course there is no way to know if you will have property damage making a claim necessary. In the event of a claim do you have a home inventory ready and up to date?
According to Wisconsin Commissioner of Insurance:
Preparing an inventory accomplishes two important things. First, it will make the process of filing a claim more orderly and less stressful should you experience a covered loss. Second, it can help you determine whether your current coverage is adequate.
Documenting possessions with a home inventory is the most important step homeowners and renters can take to make sure they have enough coverage to fully protect and replace their valuables if something happens.
OCI offers the following tips to complete a home inventory:
10 Steps to Complete a Home Inventory
1.Make a list of possessions, including “celebration” purchases, such as jewelry and fine art.
2.Think about family heirlooms, collections and furniture. Also, consider items related to everyday leisure time, from flat-screen televisions to custom guitars.
3.Take note of commonplace items such as toys, CDs and clothing. Do not forget items you may only use occasionally such as holiday decorations, sports equipment, tools, and high-ticket items kept outside your home such as landscaping and swing sets.
4.Attach copies of original sales receipts and/or appraisal documents to your inventory. Be sure to note model and serial numbers.
5.Group your possessions into logical categories, i.e., by hobby, by room in your home.
6.Carefully photograph or videotape each item and document a brief description, including age, purchase price and estimated current value.
7.Remember to open drawers and closets to document what is inside.
8.Store your home inventory and related documents in a safe, easily accessible place, such as a secured site/file online, a fireproof box or in a safe deposit box. You may want to share a copy with your insurance provider to make necessary updates to your coverage.
9.Review and update your inventory annually and anytime you make a significant purchase.
10.To get started, download and print our free home inventory checklist
Modern technology makes this easier using these free mobile apps from The National Association of Insurance Commissioners (NAIC):
myHOME Scr.APP.book—The NAIC’s free application allows users to quickly photograph and create descriptions of possessions room by room. The list is stored electronically for safekeeping.
myHOME Scr.APP.book—The NAIC’s free home inventory application allows users to capture images, descriptions, and serial numbers of possessions. Users can also organize the information by room or by category. The application also creates a back-up file for e-mail sharing.