![]() In a claim process, the insurance company will want to know beyond a general description what items have been lost. Personal Inventory Insurance Means and Method It is best to understand this reality before a disaster than discover an item or collection is not partially or completely covered after an event causes you to make a claim. These must be handled in a separate rider and appraised for their true value. Some are high value, such as jewelry and collectables. So how do you protect yourself and your family and provide the insurance company with all the data they need to properly satisfy your claim in a timely manner? It takes some time and record keeping, but it is worth the effort.Īnother advantage of a thorough review of your in-home belongings, is that it will point out items that may requite additional insurance. Unfortunately, your word that items existed before a fire or a flood are not necessarily proof that they did. Insurance companies will usually pay claims reasonably quickly and satisfy the claimant if the proper records are kept. We hear so often that part of an insurance claim is not covered, or that the claim is being ignored. A thorough home inventory is essential to a smooth claim process with your insurance company. The time to list what was stolen from you is not the day after your home was robbed. The time to make a home inventory is before your property becomes lost belongings, not the day after a storm or fire. In other words: Would it cost more than when you purchased the items to replace them today? Ask your insurance agent how your policy determines replacement cost, so there won’t be any surprises if you make a claim.Importance of Good Home Inventory is Key to Smooth Homeowners Insurance Claim When Disaster Strikes Why a Good Home Inventory is Key to a Smooth Insurance Claim after a Storm, Fire, Theft or Disaster You’ll also want to consider the replacement cost of your possessions rather than their actual (possibly depreciated) cash value. The total will give you a good starting point. ![]() Taking a household inventory is the first step! When finished, add up the value of the items on your list. How much personal property insurance do I need? Sporting equipment (bicycles, firearms, skis, treadmill).Maintenance gear (lawn mowers, ladders, work benches).Furniture and household decor (drapes, lamps, mirrors, rugs).Electronics (TVs, stereos, computers, and accessories).Dishes, cutlery, silverware, and other utensils.Appliances (mixer, food processor, humidifier, vacuum cleaner). ![]() Your insurance home inventory should list all of your possessions. What should be on my home inventory list? Upload a digital copy of your household inventory to an email folder or cloud storage-someplace your list will be secure and still accessible after a disaster. (When using any app or any technology service, make sure you understand its privacy settings before getting started.) Some apps even let you scan barcodes that autofill product information-a real time-saver. Apps like Sortly, Nest Egg, and MyStuff allow you to capture and sort information about your belongings, including photos and serial numbers.
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