checklistDo You Have a Home Inventory Checklist?

If your possessions were destroyed in a fire or other disaster, would you be able to remember everything you have in order to collect insurance?

Having an up-to-date home inventory will help you get your insurance claim settled faster, verify losses for your income tax return and help you purchase the correct amount of homeowners insurance. Sounds like a good idea! Here’s how you can get started:

According to  iii.orgstart by making a list of your possessions, describing each item and noting where you bought it and its make and model. Include with your checklist, any sales receipts, purchase contracts, and appraisals you have available. Count your clothing items and put into categories (i.e., pants, coats, and shoes), and make notes about items that are especially valuable. For major appliances and electronic equipment, record the serial numbers, which are usually found on the back or bottom.

  • Don’t put it off any longer! If you’ve been living in the same house for many years, the task of creating an inventory checklist can be daunting. But, it’s better to have a partial list or incomplete list than nothing at all. Start with your most recent purchases, then try to remember what you can about older possessions.
  • High value items. Valuable items like jewelry, art work and collectibles may have increased in value since you received them. It may be worthwhile to have these items appraised. Check with your agent to make sure that you have adequate homeowners insurance for these items. They may need to be insured separately and it is important that your insurance company knows about these items before there is a loss.
  • Take a picture. It can be very useful to have a visual record of belongings, so take pictures of higher value possessions. On the back of the photos, note what is shown and where you bought it.
  • Create a digital record. Use your computer or mobile device to make your inventory list. There are many software options and mobile apps that can help you create a record of your belongings. The I.I.I. offers free Web-based home inventory software, Know Your Stuff® – Home Inventory.  Information about your belongings can be entered either through the mobile app or online and all of your information will be kept in your personal, password protected account.
  • Be sure to safely store your list. Regardless of how create your list (a handwritten list, photos, or digitally), keep a safe record of your inventory. If it is a physical document, store it along with the receipts in your safe deposit box or at a friend’s home. If it is a digital file, make sure to back it up and keep a copy on an external drive or online storage account. If your home is damaged, you will need to be able to easily access it for the insurance claim.

And remember, when you make a new significant purchase, add the information to your inventory right away! Once you have a good handle on your inventory, contact your insurance agent or call us, LG Insurance Agency to review your homeowners insurance and make sure you have the correct coverage!

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