Why a Home Inventory Is Important

Let’s try a little exercise: Can you list everything you own from memory? I didn’t think so.

The fact is that most people own more things than they realize. It’s easy to remember the cars, the computer, the TV. However, what about that holiday china in the garage? Alternatively, every pair of shoes?

Did you know this is personal property for insurance purposes? Also, if a fire or some other disaster destroys your home,  a list of possessions makes filing a claim easier. It also helps you put your life back together.

Why should you complete a home inventory and what’s the best way?

Comparing the value of your belongings to the “contents” limit listed in your policy helps you make sure you have enough insurance. You need coverage to replace the items if they are lost, stolen, or destroyed. The easiest way to take an inventory is to video with your smartphone, recording, and describing items as you walk through your house. Then email it to yourself, so the files are stored in the cloud. Alternatively, you can use a regular camera and create a home inventory checklist.

Here are a few tips for completing and storing your inventory:

  • Add brand names and descriptions where you can, especially on large-ticket items. Serial numbers are helpful to note.
  • Keep any receipts you have with the list to make the claims process more manageable.
  • Store your video or photo inventory offsite, so you won’t lose it if your house is damaged.
  • Update your personal property records when you purchase new furnishings and valuables.

Though the task may seem daunting, it’s essential to try. An incomplete inventory is better than nothing at all. 

How much insurance do I need?

We can assist you in analyzing your insurance needs and help you decide how to protect your personal property most effectively. You should consider full-value coverage, which will pay for the replacement value of your personal belongings. A standard policy typically covers your property only up to its actual cash value, determined by taking the replacement cost and deducting depreciation, which can be substantial. (For example, a 5-year-old TV is usually worth much less than what it would cost to purchase a new one.) 

Finally, remember your homeowner’s policy covers valuable items such as jewelry, furs, art, and antiques, only up to set dollar amounts. If the cost of replacing them exceeds these limits, you may want to purchase scheduled personal property coverage. We hope you’ll never need the home inventory, but preparing for the worst can prevent much hassle later!

The Wurzel Insurance Agency is here for you! Give us a call at (407) 977-5700 to speak with one of our experienced agents, or email us: hello@wurzelagency.com.