Why And How To Make A Home Inventory List For Insurance Purposes

Whether you own or rent a house, you should purchase insurance to cover the home and its content. Homeowners purchase homeowner's insurance plans for this purpose. These plans protect the person's house and all their possessions. However, insurance companies compensate homeowners for their belongings based on evidence of their belongings. That's why you need a home inventory list. Here is a further explanation of why you need a home inventory and how to make one.

You'll need it if you have a complete loss

The only time you'll probably need your inventory list is if you suffer a complete loss. For example, a home fire can burn everything in the home, including the home's structure. If this happens, will you remember everything you had inside your house? Can you prove everything you have? 

The other reason you need a home inventory is to ensure you have enough coverage. You can discuss the list with your insurance agent to ask if you have enough insurance. The primary things that might not be covered are expensive assets, such as diamonds or art. Your insurance agent might suggest covering those items with riders. You can add a rider for any item your policy might not fully cover.

How to make an inventory list

So you can see why you need an inventory list, but how do you make one? You can use various techniques to make your list, but many people begin by writing down their assets. To do this, start in one room and write down everything you see. Of course, you might have to estimate some things, such as your clothing, as you wouldn't want to write down every clothing item individually. As you do this, look in your drawers and closets. If you do this in every room, you'll have a comprehensive list of your things.

Secondly, video your things. You can do this in addition to your written list. By videotaping everything, you'll have another form of proof. You can also download apps to use for creating a home inventory. In addition, your insurance agent can give you tips to make your list. Making a list is vital, regardless of your method.

Talk to your home insurance agent

You can learn more about homeowners insurance coverage and creating an inventory list by speaking with an insurance agent. The agent can offer tips and recommendations for coverage and inventory lists.