Property insurance claims need the proper documentation. This article discusses one of the most important documents that you need to have.
It’s not going to be easy. It isn’t exciting, especially if you have to spend a few weekends documenting everything of value in your home, including electronics, jewelry, expensive furnishings, artwork, high-end appliances, expensive or specialty items of clothing, irreplaceable family heirlooms, or items passed on to you. But if you ever need to file an insurance claim for damage to your home and possessions, you are going to be so glad that you have an updated, detailed home inventory.
If you are like nearly half of the adult population in this country, you don’t have one of these critical documents—and that’s a problem, especially here in Florida where natural disasters are commonplace occurrences.
Here are a few things you should know about creating a home inventory.
What Information Your Home Inventory Should Include
In general, you want to be as detailed as possible in the information you gather about your possessions. The more you know about it, the easier it will be to determine the value of anything that is damaged. To get started, though, here are a few things you should record about your personal property:
- Create a list of when you bought it, where, and how much you paid for it.
- Locate receipts, owner’s manuals, or bank statements of when it was purchased.
- How much you paid for it.
- Take photos of these items to have proof you were in possession of them before the loss.
With this basic level of information, it is possible for your insurance adjuster to assign value to your property for any property insurance claims you file that include losses to your personal property.
It’s important to understand that creating a home inventory is a painstaking process that can take a long time, so the sooner you get started, the less likely you will be to miss out in the event of a disaster.
Here’s how to get started.
How to Create a Home Inventory
To begin, sit down and make a simple list by hand. Brainstorm all of your most valuable items, where and when you bought them, and how much you think you paid. After you have created a rough list, you can go back and fill in all the details.
These days, we are lucky to have access to technology that makes life a lot easier. If you want to make a quick start on your home inventory, take out your phone and start recording. Take a walk through your home and get video of all of the most expensive items.
Get video or pictures of serial and model numbers, receipts, and any other important information.
Need help with this process don’t hesitate to get in touch with me to help you with any questions you may have in preparing your inventory list. If you feel you need to file a property insurance claim, contact me right away!
Property Insurance Claims Can Be Complicated Without an Advocate
Now that you understand why you need to keep an updated home inventory, here is what you need to do next. Make a plan to document all of your personal property. Take it step by step, focus on each type of similar items you are documenting, i.e., furniture, jewelry, furnishings, etc. Develop the list and review to make sure you have everything of significant value that needs to be on that list. Then save a copy for your home files, put a copy in your computer, and send a copy to a loved one for safekeeping as well. It may take some time to prepare, but in the end, it’s going to be worth it if you ever need to file any property insurance claims.
If you need help with your insurance claim, don’t hesitate to get in touch with me. When you hire me, I am on your side, not the insurance company’s. Contact me today.