How To Take a Home Inventory
Once you purchase a homeowner’s insurance policy to protect your home from various calamities that might destroy your property and possession, you become assured that your home is secure against all natural mishaps. Absolutely right! However, there are certain other measures that you must take once you purchase a homeowner’s insurance policy to protect your dream home.
Taking a home inventory is one of the most important tasks that you must accomplish successfully.
Remember that it is not easy to memorize all the belongings and valuables you have purchased over the years. And in case of an event like fire that would destroy all your possessions you may not be able to remember the assets you’ve lost.
Maintaining an accurate and updated home inventory would facilitate you to settle your insurance claim at a fast pace, calculate losses for your income tax return and would also help you buy the accurate amount of insurance.
To trigger off the process, you must make note of your valuables, penning down the description of each item and noting the place you purchased it from. Do not forget to mention its make and model.
It would be better; if you list any receipts, purchases contracts and appraisals you possess and clip on to the list. Count the clothing you possess by category, such as shirts, coats, suits, etc. Take special note of expensive items. Record the serial numbers for expensive appliance and electronic equipment. These serial numbers are generally inscribed on bottom of the appliances.
Take a photograph of rooms and most importantly, the individual items you possess. Note the items shown in the photograph, on the back of the pictures. Also note the make and the place you purchase these items from.
It would be wise; if you can videotape all the possessions you have in your home. Take a stroll around your home or property and videotape and describe the contents as you videotape. A tape recorder can also serve the purpose.
You may also make use of your personal computer to make an inventory list. Software packages related to personal finance often have a homeowner’s “room-to-room inventory program.”
Store the inventory list (in whatever form you have created it) in a safe deposit box with receipts, at a friend’s or relatives place.
This would make sure that you have accumulated enough documents to offer the insurance company in case of a damage occurred to your house.
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