Why Home Inventories Aren’t Just for the Rich
Scan your house and identify your high-value items. From pieces of furniture that were true investments to appliances or electronics that you saved up for, you have plenty of valuable goods inside of your home. A detailed home inventory allows you to account for these items in the event of the unthinkable, such as theft or a fire.
Home Inventory Basics
When you file a claim with your renters’ or homeowners’ insurance, you will need to provide a detailed list of your possessions and their value. Following a traumatic event that has resulted in the loss of your property, you probably won’t be in the best frame of mind to account for all of your belongings and accurately reflect their value. Creating a home inventory long before you file a claim allows you to thoughtfully and systematically track all of your possessions and their value.
Conducting the Inventory
Whether you’re a pen-and-paper guy or a high-tech gal, you have several ways to track your possessions. Commit a few hours or even a few days to tackling your home inventory one room at a time. First, take detailed photos or videos to document your possessions. Zoom in on high-priced items such as jewelry and electronics.
Once you have your digital evidence in place, create a handwritten or electronic list that corresponds to the photos. For each room, create a list that includes:
- Type of possession (for example, plasma television or laptop computer)
- Date of purchase
- Purchase price
- Serial numbers
Assessing Your Inventory
Once you have compiled a detailed inventory of your possessions, total the value of everything in your home. Then, compare this total to your existing insurance coverage. If your home inventory value greatly exceeds your insurance policy, consider speaking with your insurance agent about increasing the limits so that all of your important belongings are protected in case of accident, fire or theft.
Mackoul & Associates App
Simplify the home inventory process by downloading the Mackoul & Associates app on your smartphone. This easy-to-use app allows you to create inventories that include photos, purchase dates, values and descriptions of your possessions. Using the app, you can create a detailed report of your possessions, which will be accessible with a simple swipe should you need it. As you replace items in your home or make big investments, this convenient app allows you to update your belongings and track their value from your smartphone.
You don’t have to be rich to have a home inventory. In fact, if you’re not wealthy, you will rely on your insurance coverage even more, thus making your home inventory even more important.