Home Inventory – The Key to a Smooth Homeowners Insurance Claim Process

Home Inventory - The Key to a Smooth Homeowners Insurance Claim Process

With home sales and improvement projects in full swing, now is an excellent time to create or update a home inventory, says the Insurance Information Institute (III). A home inventory can help expedite the insurance claim process for theft or damage.

The III recommends using a low-tech method like a spreadsheet or a simple smartphone app to catalog your belongings. Make sure to record serial numbers, where applicable. Also, remember to account for items stored off-site.

Keep it up-to-date

Your house and the belongings within are valuable whether you own it or rent it. It would help to get a homeowners insurance Newark, DE policy to safeguard these assets. On the other hand, submitting a claim following a storm or fire can be very stressful. It can be helpful to have an updated list of all your possessions as it can simplify the process. 

It will help speed up the process, and you may receive a tremendous amount in your claim payment. A good home inventory will include a description of each item, serial number (if applicable), purchase date, and estimated value. It’s a good idea to save receipts, as well.

Keep your inventory up-to-date by adding any significant purchases and going through rooms regularly. Make sure you also update your list after the holidays, as this is a great time to add new items and remember those that were gifted for the year.

Take pictures

When creating a home inventory, you need to include all of your belongings. It may seem like a daunting task at first. However, you can break the process down into smaller chunks. For example, you can make it your goal to complete one room at a time. You can also use a pre-made template to make the process easier. 

When completing your home inventory, be sure to take pictures of all of your items. It will help you if you need to file an insurance claim. It will also ensure you are getting paid for the total value of your possessions.

A well-documented home inventory can make the home insurance and renters insurance claims process much smoother. It can help you determine if your personal property coverage is sufficient in case of fire, burglary, or natural disaster.

Create a file

Taking the time to create an inventory will save you valuable time during a disaster. Whether you use a low-tech approach, like writing a list and filing receipts, or a high-tech method, like an app, it will help speed up the process of claiming your belongings and ensure you have enough personal property coverage.

Consider including all rooms, closets, and drawers in your inventory. Document the number and type of items, including serial numbers, if applicable. Make a note of all electronics, furniture, and other significant purchases. Remember things kept in storage, as many homeowners and renters insurance policies cover off-site storage.

Once you complete your inventory, store it outside your home, like a safe deposit box or with a trusted relative. Also, make a backup of your file. It will help ensure that your hard work isn’t lost along with your belongings in the event of a fire or natural disaster.

Make a backup

Whether you create a written list, record a video, or use an app to take inventory of your belongings, ensure it’s backed up and stored in a safe place. It could be stored on a hard drive outside your home, in a cloud-based digital file, or a bank’s safe deposit box.

In addition to the items, it’s crucial to note serial numbers and receipts for large-ticket items. It’s also helpful to compare the value of your possessions to the contents limit of your homeowners’ policy so you can make adjustments if needed.

Taking an inventory of your belongings might seem like a hassle, but it could save you a great deal of stress in the event of a loss or disaster. It’s also something you can do annually or after significant purchases or improvements to your home. And remember to take stock of your off-site belongings; too many insurance policies cover them.