Insurance is essential when you’ve made the decision to purchase a home. An insurance policy will protect your building as well as your assets in the event that you have to deal with a natural disaster or loss of belongings. Find out how creating a home inventory of your belongings can help you to make the best possible home insurance policy and simplify the process of making a claim when necessary.
Creating Your Insurance Policy
The first step to insuring your home is to meet with your insurance agent to put together your policy. You agent will be able to give you all of the information that you need to create the policy that will protect your home and belongings. Come prepared with information about your home including the year it was built, the value of the home, square footage, and the number of rooms inside. Make note of other buildings on the property. One more thing that you can do to make things easier for both you and your agent is to create your home inventory.
Making a home inventory means that you’ll have documentation of all of your belongings. Your agent will be able to look at the list and determine how much insurance you’ll need to cover the cost of your belongings in the case of a loss. Not only will you know what needs to be replaced, but you’ll also have a list of the cost of each of your belongings to be sure that you get the compensation you need to replace them.
Filing a Claim
None of us know when we’ll be faced with a serious issue such as a fire, flooding, or a natural disaster. However, there is one thing that we can all do to prepare: invest in a great insurance policy. Having insurance can help you to have peace of mind that in the worst case scenario, your home and belongings can be replaced. Anyone who has had to file an insurance claim knows that the process can be time consuming and stressful. How can a home inventory help?
When you create a home inventory, you’ll save yourself as well as the insurance company valuable time. After a disaster, the last thing you’ll want to do is sit down and try to make a list of all of the things that were inside of your home. Not only is it time consuming, but with so much stress weighing on you, you’ll be sure to forget things that should make it onto the list. Instead, you can access your home inventory and turn in the list to your insurance company. It will make it easier for your company to look at the detailed list and determine how much money you will receive from your claim.
Creating the Inventory
Now that you know some of the benefits of creating a home inventory, let’s talk about how to make one. You can choose how simple or in depth you would like your inventory to be, but remember that the more details you include, the more likely you’ll be to receive compensation for each of your items.
Start by determining how you’ll document what belongings you have in your home. Will you make a simple list, photograph items, take video, or do some combination of the three? Creating a detailed list is a great starting point. Consider setting up a spreadsheet on your computer. Make a separate page for each room of the house and on each page make a column for the name of the item, the store where it came from, the price you paid, and the serial number of larger and more expensive items. While this much information may not be necessary, it can certainly be helpful when replacing items.
To make the task less overwhelming, take one room at a time. Choose a room and begin your list. You may want to group some items. For example, you could say that you have 45 DVDs or 12 sweaters and provide the cost of the entire set. When possible, provide pictures. This will help both you and your insurance agent see exactly what you own and replace your items with close matches. Taking a quick video of your home can be helpful for the same reason.
As you work your way through the house, be sure to save your work. When you are finished, save the spreadsheet, photos, and video on the computer. Email them to your insurance agent and save a copy in your own email as well as in an online storage source. This will ensure that you will have a copy even if your computer is damaged.
Creating a home inventory can take a bit of time and energy, but in the case of a loss, your work will be well worth it.