Most policyholders do not keep receipts of all their personal belongings, as it can be very difficult to find time and space to maintain such documents. This is why as a homeowner or renter, creating a home inventory is one of the most important lists you can make. The importance of creating a video inventory is often underestimated until a loss occurs, and according to the Insurance Information Institute (iii), only 52% of homeowners have made a home inventory of their possessions. A home inventory will assist policyholders when asked to provide proof of the items in their home, via pictures and/or receipts should theft, damage, or a loss occur.
Why you need a home inventory
A home inventory can help you determine if you have purchased enough coverage for your contents as a homeowner or renter as you make a list of items and their value. It can also expedite the settlement process of a covered loss or claim with your insurance carrier. To learn more about why you need a home inventory, please watch the video from Florida Peninsula’s Penny below.
4 Tips for creating your home inventory
1. First, figure out which type of inventory to create which will best suit your needs. Creating a home inventory could be as simple as just listing the make/model and estimated price of the items in your home. However, there are other ways to also create an inventory which may be much simpler and easier to access. These include smartphone apps, or simply taking pictures or videos of each of your items and providing its information and estimated cost.
2. Your home inventory list should include the items you own, their age, approximate cost, where the item was purchased, and its condition. When adding items such as clothes and accessories be sure to record the numbers of each type of clothing. For example, “2 pairs of jeans, 6 button-up shirts, and 4 pairs of sneakers…” Don’t forget to include items of value, such as art, antiques, collectibles, electronics, and jewelry.
3. Include items in other areas of your home including your garage, attic, closets, or shed. Even if items are currently located in a box, they could still experience damage. You will want to make sure you have the items listed on your inventory should the unexpected occur.
4. Keep your home inventory in more than one place. We highly recommend keeping a digital copy of your inventory digitally via email, the Cloud, Dropbox, etc. This way you will be able to access this document should you be unable to return home. If you decide to list your home inventory, it is also recommended to keep it in a safe location such as a fireproof and waterproof safe along with other important documents.
When to update your home inventory
There are many reasons why you may need to update your home inventory. As a general rule, we suggest at least updating your inventory annually. However, should you acquire new items throughout the year, be sure to add them to your list. Should you be moving to a new home, condo, or apartment, be sure to re-record your home inventory featuring all the items from room to room.
Once you have created your home inventory, it is important you assess whether you have sufficient coverages for all your items. Should you have items of higher value, Florida Peninsula offers increased limits on certain items at a nominal cost via our Premium Packages. Should you have questions regarding which items are covered under your insurance policy, please contact your agent or call us at 877-229-2244.
