The fact is that most people own more than they realize. Sure, it’s easy to remember the electronics and furniture, but what about the rest of it?

For insurance purposes, your possessions are referred to as “personal property”. If your home is destroyed by a fire or by some other disaster, having a home inventory can make the claims process a whole lot easier, not to mention less stressful for you when you already have to deal with a loss.

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

Comparing the value of your belongings to the “contents/personal property” coverage listed in your policy helps you make sure you have enough insurance to replace them if they are lost, stolen or destroyed as a result of a covered loss. The easiest way is to use a video camera and walk around your home, describing the items as you walk through. The other option is to use a regular camera to take photos and to create a home inventory checklist for each room in the home.

Add brand names and descriptions where you can, especially on large ticket items; serial numbers are also helpful to note. Keep any receipts you have with the list to make the claims process easier. Update your personal records when you purchase new furnishings and valuables. And, the most important thing- store your video/photos/list off site so you won’t lose it in the event your home is destroyed. Though the task may be daunting, imagine having to remember everything when you’re devastated from a loss.

How much insurance do I need?

Once you’ve taken an inventory, it’s easy to determine the coverage amount you’ll need. We can assist you in analyzing your possessions value and insurance coverage to most effectively protect your personal property.

Remember, your homeowners policy covers value items such as jewelry, furs, art and antiques, but only up to a certain value so it’s important to discuss any of these items with your agent to determine if you’ll need a separate scheduled personal property endorsement added to your policy.

We hope you’ll never need the home inventory, but preparing for the worst now can prevent additional stress later.