You need to create a home inventory list
If there's a disaster, you don't need to have a claim denied as you do not have adequate records to prove things you possess. Always keep a record of what you own, with a home inventory list of what you have, what you paid for or their appraised value, and store it in a safe place or online.
Having a home inventory list is a vital record that will complement and verify what does home insurance coverage when experiencing a loss, such as fire or filing for an insurance claim. Check with your insurance broker to verify them.
It is worth mentioning that art is something insurance may have to deal with separately. If you paid hundreds of thousands on art and a fire broke out, you may only get canvas and paint. You need professional appraisal and have to purchase additional insurance for it.
Maintain a home inventory list is always a good idea if you live in a condo, house, acreage or anywhere. A simple document that describes a list of belonging with value and these inventory list could help you decide the right amount and verify what does home insurance covers, the insurance deductibles and claims process if needed. You will be able to
- Choose adequate limits: Inventory list will help you determine how much home property coverage types are needed. If needed, purchase additional insurance to protect the high-priced jewelry, art collection or more, and know your assets kept at home.
- Proof: Prove to adjusters when needed that you own the items included in your claim.
- Preparation for insurance claim: You never know when break-in, fire, or loss due to severe weather could happen at a moment's notice. Make sure you check with the insurance deductible when claim
Home Inventory List For Insurance Claim Record
The main reason for having a home inventory list is for insurance purposes, especially when filing a claim. Most insurance adjuster will ask for an inventory list of items damaged, lost, or stolen on the claims process, and explain the insurance deductible, thus
having an inventory list handy will expedite the insurance claims process and save everybody valuable time.
Home Inventory List should contain
- Hard copy or digital copy of the list
It is wise to combine all the above to create a thorough home inventory list for insurance and personal purposes.
Making Home Inventory List
Tips on how to create a quality home inventory list record:
- Break list by each room: Starting a home inventory list by breaking down the list into rooms.
- Please take photos or video: Using video from cellphones to record each room briefly to prove where they are.
- Detailed records: Starting with the high-value items describe where they bought from, having the receipt along with date and value on photo or video; besides, it may be a good idea.
- Receipts for high-value items: Try to keep and scan copy of receipts for all high-value items.
- Go through the garage and outdoor property: Include personal items in the garage, shed, and backyard. Include these in the inventory list from time to time.
- Backup and dated files: Make digital files, store the list in the cloud with Google Drive or Dropbox, or a USB drive.
Include information such as these to the spreadsheet
Ensure to enter the following information to create a complete record :
- Item name: With product name with brands and model number
- Description: Model number, size, colour, marks
- Price: Ensure a copy of receipt available
- Serial number: For computers or any electronics, appliances.
- Bill of sale or Receipts: To serve as proof of purchase
- Purchase date: Include if possible
Online Home Inventory List Templates And Excel Files
Consider using online templates and home inventory list spreadsheet. You can open up a "Google sheet" account online and use it on a list of content, and frequently update the list as it goes. Check with the Insurance Bureau of Canada. It has a personal property inventory list pamphlet for reference.
Good time to update the inventory list?
An excellent opportunity to update the home inventory list:
- New Purchase: Any time a high-value item is purchased, it's a good idea to add them to the home inventory list.
- Renovation: When making changes or renovation to home, it will impact the inventory list. Take the opportunity to update the inventory list upon completion of the renovation.
- Moving: If moving, create or update the inventory list as you pack.
- Yearly: Revise the home inventory list annually as when renewing the home insurance policy, you will check if you are underinsured. It will help you choose the right amount of coverage with the home inventory list and request confirmation with the insurer if an item such as art and jewelry has enough coverage.
Best place to store inventory list
It's best to store your home inventory list in a safe place, ideally outside of your home as they are apparent, fire or flood, you will not have access to the inventory list records. Always keep a copy of the inventory list in a safe place and online backup copy.