Two weeks after I got married my house was robbed. I was out of town for the weekend and they literally cleaned house.
The icing on the cake… many of the beautiful wedding gifts I had just received weren’t even out of their boxes. Realizing just what they took was a true test of memory… you don’t realize how much you have until you’re forced to list it sans help.
Why create a home inventory checklist?
Though your homeowners insurance policy provides the protection that you need in the event of a loss such as a fire or burglary, your policy can only pay for items that you can document. In order to ensure that all your prize possessions will be replaced, you should conduct a home inventory so you have a finite record of everything that you own. This inventory will assist you in determining which items were destroyed or stolen.
How should you conduct a home inventory?
To complete a full home inventory, walk through every room in your home and identify all of the contents. It is also wise to take photographs or make a video of all of your possessions, and keep this media documentation with your list. Then, place all of this information into a fire-proof safe or safety deposit box at your bank.
Periodically, update this list as you purchase more items for your home.
How does a home inventory list relate to my insurance policy?
Not only can a household inventory checklist assist you in the event of a loss, it can also help you determine whether you have enough insurance coverage. You need enough coverage to replace your possessions at today’s prices, plus debris removal, storage, and other costs associated with the loss. Items such as jewellery, furs and fine art should be appraised on a regular basis to ensure that you have enough insurance to cover their high-priced value.