Keep home inventory in case of fire or other disasters
No one wants to think about being the victim of theft, flood, fire or other disaster.
This happens more often than not in our ever-changing world. Although sometimes we cannot avoid loss, we can at least be prepared.
Don’t wait for disaster to strike, because the loss is devastating enough without the added stress of trying to remember all that was lost. The most important thing you can do is create a home inventory list for insurance purposes. These things to include are valuables, furniture, appliances, electronics, tools, etc.
Start an inventory list with pen and paper. List your inventory and collect any receipts you have that show the value of your belongings. If you don’t have receipts, use the Internet to find comparable items and estimate values. It is important to document your items by video or camera as proof of ownership. Also be sure to include a description of each item, serial numbers and any special features. If you have had your valuables appraised, keep a copy of the appraisal report in your inventory file.
Next, review your home insurance policy and note the existing coverages. Make sure you know exactly what is covered and the financial limits of your policy. If you find that your existing policy will not cover all of your property in the event of loss, you will need to purchase additional coverage. Flood insurance, for example, is a separate policy from the traditional home insurance policy. Also, your home insurance policy may have limits on disaster losses. It’s always better to know and be prepared beforehand, then inquire after a loss!
So where do you store all this information? One option is to find a reliable online storage backup provider. In the event of a disaster such as a fire, storing your files online will protect them. Another option is to store the information in a safe on a USB drive. Storing this information offsite will also protect the files from most loss. In the event of a claim, your insurance company will ask you for information and documents on the destroyed or lost items. Having a checklist with descriptions and serial numbers, and visual documentation will be exactly what they need to process your claim.
It’s hard to think about dealing with a loss of property, home, or both! But with a little preparation and planning, plus knowing what insurance coverage you have, filing a claim can be a little less of a hassle.