When you purchase a homeowner’s insurance policy, one of the most important parts of that policy is up-to-date documentation of the things that you own. If you own many items, it can seem like an overwhelming task to take inventory of each and every little thing that you want covered by your policy. Sure, it takes some time and effort, but it is well worth every second in the event of theft or some other disaster that takes away or destroys the possessions you cherish so much.
Sure, it is doubtful that every little thing could be replaced, especially those things with sentimental value, however, you can still benefit from insurance by not having to spend out of pocket to replace some of your more expensive treasures. After all, you probably worked pretty hard to buy those things in the first place. Here’s a few tips for taking a home inventory that will make things a lot easier in the long run.
Inventory
You can print off a checklist from some websites or get one from your insurance company. However, it is also advisable to just go from room to room and start making a list of what you own. Be sure to include any serial and model numbers, brand names and other pertinent info. For major purchases, hang onto the receipts in case you need them later on to prove ownership or purchase price.
Spreadsheet
With today’s programs like Excel and other spreadsheet software, you now have a great tool to track your items and easily update the list. Prepare a spreadsheet listing the item, the brand, the make /model/serial number, location within the home, purchase date and price, replacement cost/depreciated value and any notes you feel are important about the item.
Photos
Take photos of everything. Take several, in fact. Capture the item itself on file, serial numbers and other info and even distinguishing marks.
Backup
Print hard copies of your spreadsheet and photos. With your receipts, keep the originals, but make copies of them as well. It is also good if you can scan them into your computer. Back everything up on CD or flash drive, that way, you always have a copy.
The Insurance Company
Provide the insurance company with a copy of your home inventory list and photos, as well as receipts, if you choose to include those. This will go into your file as a permanent part of you policy, as long as it is active.
Updating
If you buy something new and want it covered, update your list and add a new photo or set of photos. Make sure the insurance company is made aware of the update too. Remember to delete any items you no longer own and let the company know that as well.
The good news is that if you follow these steps, you will only have to do a major home inventory one time. Updating the list will then be as easy as 123 and everything you own will be covered in the unfortunate event of a loss.
