Posts Tagged ‘home inventory’

How to Make a Home Inventory

Wednesday, January 13th, 2010

One of the best things you can do to protect your home’s assets and make sure that your homeowners insurance covers their replacement in case of a total loss, is to make a home inventory.

A home inventory is essentially a documented list of all of your home’s belongings; in particular, your furniture, electronics, appliances and home accessories. Without a home inventory, the process of making a homeowner’s insurance claim may be quite a bit more difficult and time consuming. If you have a comprehensive home inventory list, however, you can rest assured knowing that your home’s belongings are properly insured.

The easiest way to make a home inventory is to assemble a list of all of your home’s contents, from room to room. Keep receipts, assess their value and record the date of sale. It may also help to record the make and model numbers of your electronics and appliances.

It is also extremely helpful to make a recording or take pictures of all of your home’s assets. Then, keep your inventory and video recording or pictures in a safe place, such as in a safe or outside of your home, such as in a safe deposit box. Simply walking from room to room, recording each room’s contents, is usually the best way to make proper home inventory.

What to Include in your Home Inventory:

  • Televisions/VCRs/DVD players/Blue Ray players/stereos/Video cameras/Cameras
  • Washer/Dryer/Air Conditioner/Furnace/Heat Pump
  • Carpets/Area Rugs/Window Treatments
  • Lamps/Light Fixtures/Chandeliers/Clocks/Mirrors/Pictures/Art Work
  • Sofas/Chairs/Dining Room Furniture/Bedroom Furniture/Tables/China Cabinets/Entertainment Centers
  • Pianos and other Musical Equipment
  • Silverware/Crystal/China
  • Apparel/Shoes/Coats/Furs/Suits/Dresses
  • Jewelry (you may need a separate policy if your jewelry exceeds a certain amount)
  • Refrigerator/Stove/Freezer/Microwave/Dishwasher/Small Appliances
  • Office Equipment - File Cabinets/Computers/Printers/Scanners/Fax Machines/Business Supplies
  • Sporting Equipment - Bicycles/Golf Clubs
  • Outdoor Equipment - Toys/Luggage/Small Boats/Trailers/Lawn Mower/Snow Blower/gardening Tools
  • Tools - Power Equipment/Hand Tools
  • Antiques - In the case of antiques, it is often best to have them appraised for value and then to take out a separate homeowners insurance policy to ensure that their value is protected.

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Water Damage: How to Increase Your Coverage Benefits to Avoid Drowning in Repair Costs

Wednesday, November 18th, 2009

If your home has fallen victim to the incredibly damaging effects of water or interior flooding, utilize the expert recommended tips and steps to avoid drowning in the costs for home repair.

Step 1 - Assess the Damage

The first step in responding to water damage involves taking a specific account of what damages have occurred.  To do this, start by turning off the main water supply to your home.  Additionally, turn off any natural gas outlets or supplies, as you should also be sure there are no exposed electrical outlets or wires.  Your key focus here involves making sure you home is safe from any ongoing damage.  As you begin taking an inventory of the damage, be sure to cautiously inspect areas that seem safe; do not enter areas that can be hazardous.  Specifically, don’t enter a room that has standing water in it, as standing water may pose the threat of electrical shock / electrocution.

Step 2 - Communication with Your Provider

Once you have an idea of what damage has occurred, contact your insurance provider to see what other measures you may be able to take.  As each policy has exclusions for coverage and reimbursements, an awareness of your specific damage and the terms of your policy will help home owners to remain well informed and proactive.  As all damage claims made to your provider require thorough evaluation and potential mitigation, your insurance company will need to be certain that you took responsible measures and efforts once the water damage occurred.

Step 3 - Stop the Spread of Destruction

Once you have assessed basic damages and contacted your provider, quickly respond to the damage by using dehumidifiers and / or fans to aid in the fast drying of water-logged areas.  If it is safe to do so, dry your furniture or move furniture to a safe and dry area.  This can help prevent wood from warping, erosion of paint, and other effects.  Adding to this effort, try to mop up or use a wet-vacuum to pull water from soaked carpets.  Oftentimes, a home insurance policy requires home owners to attempt salvaging carpet and carpet padding before agreeing to pay for any replacement flooring.

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