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Homeowners Insurance: Why Making a Home Inventory List Matters

June 7, 2011 | Author: | Posted in Finance

Quite a few people only think good things can come their way. You’ve probably heard it all the time, even though it’s clich. It couldn’t be farther from the truth.

Tornadoes, earthquakes, flooding and a myriad of other disasters can honestly happen to just about anyone at just about any time. The property in your home has a good chance of being damages as a result of any of these disasters. Owning a homeowners insurance policy is a good place to begin. There are other things you need to do too, though.

Many people buy incorrect or inadequate coverage, so you first need to make sure you’ve bought coverage that adds up to the amount of money you’d actually need to replace your belongings if they were destroyed. You also need to make a home inventory, next. You need to make a list of all the values of every item in your home in order to make a property home inventory. Home inventories are made specifically for your insurance company so they can give you the accurate replacement value if your items are damages in some sort of natural disaster covered under your policy.

Here’s another tip. Simply listing your big-ticket items like a piano or your flat-screen television is not enough. In addition to listing your valuables, you also need to list everything else you own, if you want to receive replacement money for it later on down the road. This means itemizing everything, from pots and pans to all of your clothing and shoes. The more detailed you are, the easier it will be for an insurance company to know what sum to cut you a check for if you submit an appropriate claim. Without this home inventory, you’ll have to start from scratch, and that means using your own money to cover your losses.

Encountering the scenario listed above is obviously not something you want to do. You just need to be thorough when you put your belongings down on a list. Writing down costs and taking notes is a good start, of course, but it’s ideal if you can also provide receipts and pictures of your valuables. In the event disaster strikes, you’ll get your biggest return by doing just this.

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