A home inventory list will be a life saver in case your home experiences a fire, flood, earthquake, or any other type of disaster. Basically, a home inventory is a complete detailed list of everything that is in your home. This includes all your personal contents as well. A part of your homeowner's insurance policy will cover all the contents under Coverage C or Contents Coverage. If you have a list ready, you will be able to report your entire loss to the insurance company with confidence and accuracy.
In the event of a disaster or destruction of your property, a complete home inventory list will help you remember everything that you may have lost. Your claims process will go quicker and without any, or certainly less, impediments.
Another positive aspect about creating a home inventory list is that you will be able to apply for additional coverage or endorsements for high value items that may be under insured in your current homeowner's insurance policy. This includes items such as jewelry, collectibles, and art. Consult your insurance agent to understand the need for adequate coverage of these items in your policy.
Every single item other than your vehicles, pets, and previously insured contents needs to be added to the list. These are a few tips to remember while creating your home inventory list:
- Every item of value in your home needs to be added to the list with serial numbers mentioned where applicable.
- Keep updating your list as you add items of value to your home and take the items off the list that you sell, donate, or give away.
- Include any receipts for the items.
- It is a wise idea to take photographs of the high value items and include family members in the color snapshots since this will prove ownership is beyond a reasonable doubt and perhaps add a reference point to the size of the piece.