In case there’s no receipt, serial numbers and credit card bill will be useful.Īll of the team here were great in helping me understand homeowners insurance as a first time homeowner. It’s important you get in the habit of taking photographs and saving receipts when purchasing valuable items. To develop a basic inventory, experts propose that homeowners simply make a list of their items and their approximated value and find a safe storage. Otherwise, in case a break-in or natural disaster leaves your items damaged or stolen, an insurance claim will be insufficient. Therefore, you must go beyond a typical home policy. It’s also important to note that high-value possessions require a special rider. Having an accurate inventory list of your possessions also enables you to engage your company representative or insurance agent in a productive conversation when making decisions regarding renters or homeowners coverage.Īfter all, you can’t possibly insure your items adequately if you don’t know what you own. In the event that you discover it doesn’t cover everything, an inventory can facilitate the application for aid or deduction of unreimbursed losses from your taxes in case of a disaster. You must maintain one for these reasons:Īn inventory can help you establish whether you have sufficient insurance coverage. You’ll also discover that a comprehensive list gives you access to serial numbers and other significant details on the valuable items.Ī home inventory comprises detailed videos or photos and descriptions of your personal property. Do you know the worth of all your possessions? You can probably identify some big items and their worth but you may never establish the cumulative worth of your assets without a comprehensive list.ĭeveloping a home inventory is an excellent way of establishing what you own along with their value.
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