If your possessions are stolen or destroyed, your insurance company will ask you to provide a record of them. We recommend that whenever you pay for the insurance coverage for your items, that you keep an inventory so that you have evidence of the items you did have.
Importance of an Inventory during a Claim
Do you know the brand name and serial number of your TV? Would you be able to recall the how much you paid for your stereo? Having a list in front of you for reference, helps keep the details of your valuables in order and at the time of a claim, you would have made your life so. much. easier.
What is a Personal Property Inventory?
A personal property inventory is a complete log of all your personal belongings and household goods. For example, a complete inventory includes these details:
- The room in the house where it is located
- Item description and quantity
- Purchase date
- Place of Purchase
- Original cost
- Estimated current value
- Serial and model number
- An accompanying videotape or photograph of each item
- Receipts and current appraisals the for more valuable items
What are the Benefits of having an Inventory?
Its impossible to be fully prepared for a loss, but the steps you take now will help reduce the stress in the aftermath. Your personal property inventory will help ensure that your claim is filed promptly and completely. This means that you’ll get it settled quickly, accurately and return to normal life sooner.
Your inventory will also help you determine if you have enough coverage for your possessions. Many people will find out after their property has been stolen or destroyed that they just plain do not have enough coverage. This will allow you to accurately determine the amount of coverage you need to purchase. One of the best ways to determine how much coverage you need or need to increase to is to add up the price if would cost to replace your belongings and then compare it to your policy’s personal property limit and adjust accordingly.
It’s also a good idea to read your policy to see if you have replacement cost coverage for your personal property. With replacement cost included, your settlement allows you to buy new items to replace the stolen or damaged ones. If you have actual cash value coverage, then you will receive what you items are worth at the time of loss- taking into account depreciation of value.
Protect your Inventory
Once you’ve completed the inventory, make two copies. Keep one copy in a secure location in your house and also keep a copy securely off premises. We also recommend keeping an electronic file saved in a cloud so that it will always be available.
Put a reminder on your phone or calendar to update your information on your log ever four to six months to make sure it is accurate and up to date. Also, remember to add any new purchases to your inventory and remove items from your inventory you no longer have.
Personal Property Inventory Sample
Here is a sample of an inventory work sheet for you to use. Feel free to print it out and start logging your items!