Why You Need to Update Your Home Inventory This January

Why You Need to Update Your Home Inventory This January

Protecting your holiday gifts.

Part of being a responsible homeowner is making sure that you update your home inventory on a regular basis.  If you have not already updated your inventory to include your holiday gifts, then you should start now.  Here’s why you need to take care of this task as soon as possible.

The Importance of Having an Updated Home Inventory

A home inventory is a detailed list of all your belongings, including a description, the value, and purchase receipt of every item.  Updating your home inventory is so important because you can use this document to evaluate whether your home insurance policy is offering adequate coverage for various categories of personal belongings.  Additionally, you can use your home inventory to verify that you are receiving adequate coverage for stolen, damaged, or lost items.  If you have received the following categories of gifts, then make sure you add them to your inventory.

  • Electronics

Your home insurance policy likely offers set coverage limits for different categories of items.  Because electronics are worth so much money, the value of your smartphones, tablets, laptops, computers, game consoles, televisions, and so on can add up very quickly.  If you have received new electronics this holiday season, then you may not have enough coverage for them under your current home insurance policy.  To secure protection for your new devices, you should adjust your coverage limits or consider securing a supplemental personal property policy.

  • Jewelry

Most home insurance policies have strict coverage limits for jewelry, and appraisals are often required to receive coverage.  As such, when you are updating your home inventory, make sure to take any new jewelry to an appraiser to get an official report of the piece’s value.  You can then submit the appraiser’s report to your insurance provider, so the new jewelry is covered under your home insurance policy.  Failing to take this step could leave you unprotected if your new jewelry is lost, stolen, or damaged.

This is why it’s so important to update your home inventory after the holidays.  Do you have additional questions about your home inventory or homeowners insurance coverage?  If so, then contact the experts at Steve Wilk Insurance.  Check out our new office today at 310 S Main Street, Suite C, Lombard, IL 60148.