Saturday, 6 August 2011

The Importance of Keeping a Home Inventory

One of the most important things to do as a homeowner is keep an accurate inventory of your home's contents. This ensures that in the event of a fire, flood or burglary, you will have a verifiable list which proves to an insurance company that you owned a particular item. For instance, if you recently purchased a home theatre system, keep the receipt and include it in a home inventory; this will make any future claim much easier.

Make lists
One of the first things you should do when buying a new home is to create an inventory of all the important valuables you own (with serial numbers where applicable) along with a copy of the accompanying receipts. List all of the rooms in your home, and write out the important items within each room. These items could include antiques, jewelry, electronics, art, tools, instruments and other items. Keep the inventory, receipts and serial numbers in a secure place away from the home.

Video tour and photos
To supplement your inventory, take your videocamera for a tour of the home and show off important items. Go room by room, showing items clearly for the camera. If you can show their serial number, that will provide additional verification to the serial numbers in the inventory.

Keep appraisals up-to-date
For valuables that need to be appraised, be sure to have your appraisals up to date. You will  usually only be reimbursed for the appraised value of an antique or other valuable item. This means that if an item appreciates in value before you make a claim, you may not be able to claim the true value of the item.

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