If you take the time to create a home inventory list, you can expect to receive your insurance cheque faster if you need to make an insurance claim for lost, damaged, or stolen property. It’s a good idea to make an insurance inventory before your move, as the risk of damage and loss is higher at this time. You can use these common methods to create an inventory.
The video walk-through. Simply go through each room in your home with a video camera. Be sure to get clear close-ups of brands, models, and serial numbers on electronics, appliances, bikes, tools, etc. Film any valuation certificates for jewelry, along with receipts for major purchases. Don’t forget to video the garage, shed, attic, basement, and laundry room.
The spreadsheet. You can build your own or purchase a specially made software program. Sample categories for an inventory spreadsheet might include the room name and then electronics, furnishings, recreational, toys, clothing, antiques, jewelry, tools, vehicles, rugs, collections, hobby supplies, designer shoes and purses, etc. Include the year the item was bought and how much it cost. Attach photos and any receipts you may have.
The easiest approach – and the priciest – is to engage a professional insurance inventory company. Just make sure that you hire a reputable company. Check online to see if the company has a good or bad reputation. Do take the time to review their inventory list for accuracy.
No matter what system you use, remember to update your inventory as you add and remove items from your life. Tip: keep a copy of your insurance inventory safely away from home, perhaps in a safe deposit box, with a trusted family member, or backed up on an online Cloud system.