The Importance of Updating Your Home Inventory

The Importance of Updating Your Home Inventory

Here are some of the reasons why you should update your home inventory this spring.

A home inventory is a detailed list that contains the value of every item that you keep in your home. Every year, you should make an effort to update this list. While updating your home inventory is tedious, it’s still important that you complete this task. Here are two reasons why having an updated home inventory is in your best interest.

  • It Helps You Determine if You Have Enough Insurance Coverage

Most standard homeowners insurance policies offer coverage for the personal possessions that you keep inside your home. However, this coverage usually has a dollar limit. Generally, you want a policy that will offer coverage for up to half of the replacement value of your belongings. This is where having an updated home inventory is helpful. When you have an accurate list containing the replacement value of all your belongings, it’s easy to calculate how much coverage you need from your policy. If your homeowners insurance isn’t offering you the coverage you need, then it may be time to update your policy.

  • It Helps You Keep Track of All Your Belongings

Another reason why it’s important to have an updated home inventory is that it can help you take stock of your belongings following a fire, burglary, or other devastating event. If you are faced with such a situation, you will probably have to file an insurance claim for all the items that are missing or damaged. Having an updated home inventory on hand will help you keep track of the possessions that you need to include in your claim, and will prevent you from missing any valuable belongings. Overall, having an inventory will make the claims process easier and less stressful for you.

These are some of the reasons why it’s important to update your home inventory this spring.  Do you have more questions regarding your inventory or your homeowners insurance in general?  Don’t hesitate to contact the experts at Steve Wilk Insurance Agency.   Located in Illinois, check out our new office at 310 S Main Street, Suite C, Lombard, IL 60148.