INDUSTRY INSIGHT
HOME INVENTORY
SPONSORED CONTENT
How to Take the Ultimate Home Inventory
Would you be able to list everything damaged, destroyed, or lost in your house or apartment if you had to file a claim with your insurance company?
Trying to remember everything as you are dealing with the mental trauma of your abode being destroyed is not an easy task. You would have a thousand things on your mind, like finding your most important personal documents and family heirlooms and trying to arrange a place to live.
But you can avoid this potential distress- and the risk of your insurer disputing or not paying the claim- by preparing a detailed home inventory.
More than 75 % of U. S. homeowners don’ t have an inventory, according to the National Association of Insurance Commissioners. And those who do have one generally don’ t keep their records up to date.
Having a home inventory can make filing a claim much more manageable, increasing the chances of getting the claim paid. Also, preparing an inventory will help you assign value to your possessions, which in turn can help you and the insurer decide how much insurance you need.
It may sound daunting just to get started, but fortunately, TWS Home Inventory and Asset Management Group has created this handy list to help you take stock of your stuff.
Read your policy and discuss it with your insurance agent. You need to understand your policy so you can know if you are covered for the replacement value of your possessions or only actual cash value, or whether you need any special riders or endorsements for specialty items, such as:
• Jewelry,
• Musical instruments,
• Firearms,
• Expensive sporting goods like golf clubs.
Take photos of the outside of the home.
Shoot the property from all sides, including landscaping, outdoor furniture, and accouterments.
Take photos of each room from all angles.
Make sure that your pictures cover every piece of furniture, art, and other decorations in every room.
Open every closet, cupboard, and drawer.
Go through all the places where you keep your possessions, and if you find anything of value, document it. Document when and where you got it and how much you paid.
If you haven’ t gotten into the habit of doing so, keep receipts for all your big purchases.
Don’ t forget to photograph and document your clothes. If you have any expensive items, like fur coats, business suits, or fancy dresses, take separate photos of them.
Cusumano Insurance, a local family-owned business, has been serving the Pittsburgh area since 1958. The agency represents several insurance companies offering various options for your personal and business insurance needs. Its experienced staff are creative problem solvers who help find the suitable insurance companies, products and discounts to meet your specific needs. Give them a call today for a free insurance review.
This Industry Insight was provided by:
Joann Cusumano Sciulli, AAI Agency Principal
Rosann Cusumano Elinsky, AAI, LUTCF Agency Principal
Note the model and serial number of electronic items.
Take pictures and list the details of computers, mobile phones, tablets, TVs, stereo systems, etc.
Pay extra attention to china, crystal, and silver.
If you have a fancy set of china and cutlery, place it all on a table and take a picture. Take pics of the front and back of your plates to show the brand name and the pattern.
Cover the garage as well. Often, people have more valuables in their garages than in any other place in their homes. Again, take pictures of everything there- your tools, equipment, sporting goods, bikes, etc.
Photograph family heirlooms
Include rare items you have inherited when taking pictures. Even though insurance can’ t replace the sentimental value, it may replace the cost of those items.
Scan all receipts
Get into the habit of scanning your receipts and taking a picture of the item to keep with your receipt. Keep things organized with one folder for each room.
Keep inventory off-premises
You should have a home inventory at home, but also keep one off your premises. That’ s relatively easy these days since you can store it on the cloud with a free service like dropbox. com.
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