Would you be able to remember every item you have accumulated over the years if they were all gone? If your home is damaged, or totally lost due to a fire or other event, having a home inventory will help you recover all your personal property with the least amount of time and stress. Having a home inventory is the easiest and best way to deal with Colorado insurance claims after a disaster or loss. This also expedites the claim process, making it easier to be paid.
Creating a personal home inventory helps in calculating how much your personal property is worth. Knowing this ensures you have an accurate value to insure. If you have too little coverage, you would not have enough funds to replace lost property; and if you have too much coverage, you are paying higher premiums than you need to. Here are a few more reasons to develop a home inventory:
- It helps settle claims accurately and promptly
- It provides required documentation of ownership and value
- It helps with estate documentation
- It preserves your heritage
Keep all receipts and a detailed record of:
- and Major Appliances
Include make and model in your description.
- Continuously update your Personal Home Inventory as you acquire new items.
- Photograph or video record your inventory items. Make sure videotapes and photos are dated.
- Store in a fire proof box or at secondary location.
- Add brand names and descriptions where you can, especially on large-ticket items.
- Categorize clothes by type and number (for example, Pants: 5 dress pants @125.00 each = $625.00). You can also categorize books the same way.
The best way to start your home inventory list is to go room by room. Take on three rooms per day, and you will be done in no time. Send a copy of your personal home inventory to our office; we would be happy to keep the written records as back-up for you.
Talk to us at Colorado Insurance to assist you in analyzing your home insurance needs and help you decide how to most effectively protect your personal property. Ask us about replacement coverage, which will pay for the replacement value of your personal belongings. A standard Colorado home policy typically covers personal property but may only cover up to its actual cash for home value.