Have you thought about what you will do in the event of an emergency or disaster that destroys your property and valuable belongings? In preparation—after all, it’s better to be safe than sorry—you will have to take inventory of everything in your home for insurance purposes. Many people are intimidated by the idea of taking inventory, but fortunately, it is a lot easier than you may think. Below is the step-by-step process of taking inventory of the belongings in your home:
Step One: The process of taking inventory will go a lot smoother if you do a little bit at one time. That is why you should go through your home step by step, one room at a time.
Step Two: You will need to record everything in your home that you own and would want replaced if it was lost. Make sure that you include the contents that are inside of your drawers, closets, and desks. You will also need to make sure that you include a description of each one of your items. This includes things such as the model or brand, condition, and serial number.
Step Three: The next step is to write down information about each item’s value. You will need to write down information, such as the replacement cost, purchase price, current value, and where and when you purchased the item.
Step Four: Some home insurance companies will ask you to document the existence of certain items. That is why it is a good idea to take a video or photograph of the items inside of your home.
Step Five: While you are taking inventory of the items in your home, it is a good idea for you to review your current home insurance policy. You may be underinsured or over-insured, neither of which is ideal. While you do not want to be underinsured, because you may not be able to get coverage for all of your items, being over-insured also means you will be spending a lot of money unnecessarily.
Need help? You can determine if your insurance policy is the right one for you by contacting us today! *