#Household inventory list for insurance update#
For this reason, it is important to review and update your inventory every year to remove outdated possessions and add new ones. The value of your possessions determine the value of your insurance premiums, and your premiums determine the amount of coverage you receive. Safety deposit boxes, or other secure online location are good options. While you may want to keep an inventory list, receipts, and photos in your safe at home, you must also store your records somewhere away from your home in case of a fire or other catastrophic damage. Specialist stamps, coin, and art collections require extra insurance, so remember to mention them. Since many home decorations like antique fireplaces, grand light fittings, and handcrafted cupboards add value to your home, record them too. So are many of your possessions in outbuildings like garages and sheds. While you may forget about your shoes and clothes, they are valuable. This negates the need for the painstaking writing down of all model numbers and object descriptions, since you can then simply do it verbally. In fact, you can even record a video as you walk through your house. Photos prove that you own the objects and serve as a good way to record brand and model names. As all this information is essential to determine the objects' value, insurance companies appreciate and often require it. These do not only serve as proof of ownership, but they also contain plenty of details like make, model, size, and price.
When you buy new possessions, keep all the paperwork related to the purchase. As a result, follow the strategies below to get organized beforehand.
Realistically speaking, no person can retrieve a large list of possessions accurately from memory in event of large-scale damage for an insurance claim. There are two types of people: those who are organized with details of all their possessions in case of theft or damage, and those who are forced to scramble to remember brand names, model numbers, and sizes when their belongings are stolen or damaged.
#Household inventory list for insurance how to#
How to make a home inventory list for insurance purposes
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