Why having an updated home inventory is useful for you,
When you secure homeowners insurance, your agent will likely advise you to create a home inventory. However, because this task is so tedious, many homeowners put it off. Unfortunately, not having a home inventory can cause issues when it comes time to file an insurance claim. Here’s why home inventories are important for managing your insurance and how you can make yours.
Home Inventories and Your Insurance
Having an updated home inventory is essential to managing your homeowners insurance. This is because your inventory is a comprehensive list of all the items you own. In the event of an emergency, you can reference your inventory to see which possessions you need to file a claim for. Your inventory also documents the value of each item, which helps you secure an adequate amount of personal property insurance.
Tips for Creating Your Home Inventory
The idea of documenting every item you own is daunting. However, there are some steps that you can take to make this process as painless as possible.
- Go room to room when creating your inventory. Do not forget to include the items in your basement, attic, and other often-forgotten storage areas.
- While your inventory should include every item in your possession, be particularly meticulous when documenting valuable items such as jewelry, artwork, collectibles, electronics, furniture, and so on.
- Your inventory should include as much information on each item as possible. For instance, you should include photos, receipts, and a written description of each possession whenever possible.
- For your high-value items, you should also include an appraisal report, so you can show that an expert verified the item’s listed value.
- Every year, you should update your inventory, making sure to add any new items that you have acquired and removing any old items no longer in your possession.
This is why having an updated home inventory is important from an insurance standpoint. Do you need assistance with your homeowners insurance? If so, then contact the experts at Steve Wilk Insurance today. Check out our new office today at 310 S Main Street, Suite C, Lombard, IL 60148.