Home Insurance Articles

The Importance Of A Detailed Property Inventory

2010-01-04

When it comes to home insurance, a detailed property inventory is very important not only to keep track of personal assets, but also to maintain clear and accurate records. This serves for proof for your homeowner's insurance policy if your home is burglarized or damaged by weather or fire. In being able to provide a detailed summary of the insured property in your house, along with its worth, the process of getting a home insurance payout will be sped up substantially. If you keep valuables off-site either in a second home, a relative's home or safety deposit box, the same would apply.

A prudent option to organize a property report is to create a binder or filing system to keep records neat and organized. Although a computerized version may work well, sometimes CDs can be erased or damaged, or a hard drive of a computer may be infected with a virus. However, if creating digital files seems more current and concise, do this in addition to creating a concrete file. Create duplicate discs, or put the information on a portable storage device to add a level of security. However, a hard-copy system is the most ideal option. Creating a filing system may seem daunting, but it really is not. Tabs clearly marked by groups of valuables will ensure that records stay organized and accurate. A helpful addition to receipts and appraisals in this system is a photo. A photograph creates a higher level of proof for insurance reimbursement. Keeping itemized records facilitates a better sense of relief should your valuables be stoles, lost or destroyed.

There are also books and websites that can help you create a sufficient property inventory. Your insurance provider would also be a good resource to contact. Explain that you are in the process of collecting records and creating a filing system, and they would likely be very agreeable to add suggestions to make this endeavor easier.

Home insurance generally covers loss, damage or theft of personal property in the house, providing your coverage mandates this. Again, your insurance provider is in a better position to explain your policy in more detail. Regardless of the level of coverage, providing receipts and appraisals when filing loss complaints add credibility to your claim and make the process swifter and easier.

Not only is it important to create a system, it is also vital to keep this file system current. When new assets are purchased, or if a gift is received, add the receipts, appraisals and photo to the file. It may seem trivial at the time, but in the event of a burglary or other unfortunate event, getting replacement value for your belongings can be easier