As a homeowner, could you remember all your possessions that you have accumulated over the years if your home were damaged or destroyed?
Regardless of living in a single-family home, condominium or rental home, having an up-to-date inventory of your possessions and record of updates and changes to your home will allow for an insurance claim to be processed and settled with a minimal amount of work on your end, expediating the claims payment.
Did you know that a property loss claim can be submitted on your income tax return? Talk to your accountant if you have a property loss.
Where to Start
Creating an inventory can seem overwhelming, especially if you have lived in your home for several years. Deciding what to keep a record of can be confusing, so start with your ‘big ticket’ items. Jewelry, artwork and collectibles may have increased in value, so review them first and regularly update. Take pictures or film your rooms, inside your closets and serial numbers of major appliances and electronics.
When taking inventory, don’t forget to include kitchenware, bedroom furniture, linens, clothing and items tucked away in your basement or attic.
Put those records in a safe deposit box and revisit every three years to update with new purchases or acquisitions. Your insurance policy provides for personal property replacement coverage, which means your personal possessions will be replaced at today’s value and not the depreciated value.
Having a current list will save a lot of time in the case of a claim.
Technology Can Help
With the advancement of technology and the smart phone camera functions, bar code readers and programs available from the App Store can make the storing of this information simple. There are even inventory apps that will make the process easy and lead you through a ’treasure hunt’ throughout your home with preset categories and rooms.
Bottom line: creating an inventory today will make it easier to file a claim tomorrow. Trying to remember everything that you owned at the time of a major loss can be unsurmountable.
For questions or to review your current insurance policy, please contact your local William Raveis Insurance Agent.
Robert S Reade is an insurance professional having more than 30 years within the industry working with national insurance carriers and regional insurance agencies. He has been an insurance underwriter, managed a team of 70 financial professionals, opened an insurance agency for the sale of real estate and mortgage clients and is currently the VP of Markets for William Raveis Insurance. Ongoing professional development, recently being awarded his Associate in National Flood Insurance (ANFI) and a Masters in Organizational Leadership (MAOL). He can be reached at 860-690-5052 or firstname.lastname@example.org