Provided by: MDC Financial Service Group
What would happen if you lost everything in a fire, tornado or another disaster? Homeowners insurance would likely cover your house, but without a comprehensive list of your belongings, you’d have to rely on memory to determine what else was damaged or destroyed.
That’s where an inventory of your home can help. Not only will it prevent you from forgetting important valuables, but it can also streamline the claim filing process. Follow these steps to create your home inventory.
Pick a method. You have a lot of options for cataloging your possessions. There are home inventory apps for your phone, organizational apps like Evernote, and, of course, the trusty Excel spreadsheet. You can even print out a ready-made checklist to use with a clipboard as you walk through your home.
Take inventory. Go room by room and use your phone to take photos and video of everything, including serial numbers of electronics and appliances. Peek inside closets and drawers, and don’t forget to visit the garage, attic and any rarely used spaces.
Keep it safe. Back up your inventory so the information is accessible even if you’re unable to gain entry into your home. Store a second set of any hard copies elsewhere, like in a safe deposit box or at a friend’s house. Digital versions should be backed up to the cloud or saved on a thumb drive you store off-site.
A home inventory can also be a helpful reminder to double-check your insurance coverages. There are certain types of belongings, like jewelry, tools and electronics, that are typically covered up to a set dollar limit. Adjusting your coverages now will save you a lot of heartache if something does go wrong, making sure you’re not left empty-handed when it comes time to file a claim.
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