If you experience water damage or fire, losing your belongings can be devastating. A home inventory is an easy way to protect yourself in case of disaster.
What is a Home Inventory List?
A home inventory is a list of all your belongings. Typically after disaster insurance companies will ask for a list of all items that were lost. For that reason a home inventory list not only makes this process easier, but allows for a faster recovery time.
How Does this Help Me in the event of fire or water damage?
- Makes filing insurance claims easier: If any of the items in your home get stolen or lost you can file a claim to have them replaced. Homeowners insurance doesn’t always just cover physical damage to your home, it can extend to your personal belongings. A typical homeowners insurance policy gives you about $30,000-50,000 worth of coverage. If you own valuable items you can increase your coverage. Even without a home inventory list you can still file a claim, but an inventory list makes this easier because the insurance company knows exactly what was lost rather than an estimate.
- It’s not a lot of work now to prevent a lot of work later: You can easily make a list in under the time it takes you read this blog! You can simply walk around your house from room to room and write your items down. The items only need to be listed, you can estimate the price later.
- You can upgrade your policy: Always double-check your policy to ensure you’re getting adequate coverage. An increase of your policy by $20 a month hurts a lot less than being out $40,000.
Now that you know the benefits of a home inventory list, the next section will help you make your own list.
How to Create a Home Inventory List
- Create a photo or video inventory: Take photos of every room from different angles, opening closet doors, and cabinets so everything is covered.
- Make a list: In addition to photos and videos, you should write down a list of all your valuables in each room. You can also make these lists electronically with apps or spreadsheets. Always keep extras just in case!
What Would be Damaged by Fire or Water Damage?
Items that have a high monetary value can be difficult to replace when damaged or stolen. Be sure to save receipts and serial numbers, to prove purchase in case of loss by fire or water damage from flooding. These are 5 high ticket items you should place on your home inventory list:
Electronics & Appliances
These items are the most sensitive and easily damaged items in your home. Thus they are also frequently stolen by thieves or are broken by water damage.
- Stereo equipment
- Gaming consoles
- Home office equipment
- Power tools
Despite using these everyday, we don’t give them enough consideration. The cost of replacing furniture can be outrageous, let alone an entire household of furniture. Don’t get hit with large replacement costs by adding these to your home inventory list. Nobody wants to be stuck with an extra sit of bills on top of the fire or water damage repairs.
- Cabinets and contents
- Furniture and storage
Not all high-end jewelry is covered, be sure to read your policy. You should have your jewelry appraised regularly, to ensure an accurate value.
- Wedding rings
You should have these items appraised on a regular basis. This ensures they are given an accurate current price and additional coverage may be needed as value increases.
Firearms are typically covered under homeowners and renter’s insurance. This may cover your standard hunting rifles to collectable antique guns.
A home inventory list is an easy way to safeguard your belongings in the event of fire or water damage. Should you find yourself dealing with a loss, a home inventory list makes the insurance process smoother. In other words essentially getting your home back in working order. Restoration Authority wants to set our customers up for success. We have seen a lot of damaged homes. When we go in, sometimes the objects in the home are unrecognizable. Save your future self the headache, prepare today.