Listing all your possessions in the event of a fire, an earthquake or burglary can be difficult.
The emotions experienced after a loss may present a big challenge when you try to remember
all of your personal possessions. Thus, it is very important to take inventory of your personal
property before you have a loss.
A complete household inventory can help you establish:
• A record of the contents of your home and their value
• A record of serial numbers of your electronic goods and appliances
• An indication of whether or not your insurance coverage is adequate
Need For Documentation
If you use a servie like such as AssetWatch, you will be guided through the home inventory documentation process.
You can obtain a free complete home inventory checklist by signing up for a 30 day free trial at www.assetwatch.com and downloading the complete home inventory detailed checklist.
It recommend that you document all the personal property in your residence.
It important to photograph and or all of the contents of your home. You should include a picture or scanded copy of the receipt (if possible). Also clearly show the serial number (if applicable).
The picture should have a date stamp to document the date of the recording
Storage Of Inventory Guide
Storage of your Home Inventory Guide is essential.
- An online storage vault
- Fire resistant box in your home, i.e. a safe
- At your place of employment in a locked cabinet
- With your accountant and/or attorney
- Safety deposit box
Updating your Home Inventory is very important. Major purchases such as big screen
televisions and refrigerators should be updated at your earliest convenience after the purchase.
We suggest you review and update your Home Inventory Guide three to four times a year to keep
the document current. An easy way to remember is to spend 30 minutes to an hour each time the season changes.
Structure Or Dwelling Coverage
Along with documenting the personal property within your home, the accurate coverage of your residence itself is a very important aspect of homeowner’s insurance. The replacement cost of your home is based upon its square footage multiplied by the cost per square foot to rebuild your structure. The quality of construction and your home’s refinements should also be considered. Unless you are willing to take a loss, the dwelling or structure limit should be the amount it would cost to replace the house. Most insurers have in-house formulas which they use to evaluate the replacement cost of your home. However, you may find these formulas are not necessarily consistent. READ YOUR POLICY CAREFULLY. If you do not understand any part of your policy or have questions
about what it covers, contact your insurance agent or company. The cost to rebuild your home may be very different from the market value of your home since reconstruction is based primarily on the cost of labor and materials. Many factors can affect the cost to rebuild your home, including the size of your home, the type of construction, and any unique features. Because of the variability, your independent agent should be able to assist you in establishing an appropriate limit to rebuild your home. You may also wish to contact a local building contractor in order to determine the current cost to rebuild your home per square foot. If this information greatly differs from your insurer’s determination, be sure to have the contractor reflect his computations in writing, preferably under his business letterhead.
Lastly, it is important for you to periodically assess and, if necessary, update your insurance limits in
order to maintain an appropriate limit that reflects current construction costs. Find out from your
insurer or agent if your homeowner’s coverage limits are automatically reviewed or increased.
Once their home inventory has been completed many people have found that it was this has proved to be more than an exercise for you. Your home and its furnishings are normally your greatest possessions. Taking stock of your real and personal property not only provides a measure to compare your insurance coverage by, it also allows an individual to gain a true perspective of what their possessions mean to them. In conclusion, we hope that you will never experience the loss of your home. However, if a loss should occur, this guide and what you have recorded here will make the difference between an inadequate restoration of your home and its furnishing and gaining all that is rightfully yours from your insurance policy.
Source research and infromation – California Department of Insurance