In order to purchase a historic insurance policy for your property, you will need to know the value of your historic property, and this includes the contents. This goes for all types of owners though; whether you’re a homeowner or a commercial property owner, protection is essential for your property and the valuables in it.
Knowing how much your property is really worth is beneficial for a couple reasons. Properties cost money; when a disaster happens, it’s important to make sure they can be replaced. The biggest mistake any property owner can do is assuming the value of their home without doing proper research first.
Inventory takes a lot of time and organization, but without this step, there’s no way for you to properly insure your property. Here’s some tips on how you can perform a thorough home inventory.
The Advantages of Performing a Home Inventory
There are three good reasons for performing an inventory, according to the Insurance Information Institute:
- An up-to-date policy ensures that you’re properly insured for the correct amount. Having an accurate list means that an insurance agent will have an easier time keeping track of all of your belongings. If you don’t know what you have, there’s no way that you can insure it properly.
- Filing a claim is a lot easier when everything is in plain sight to find. When disaster strikes, making a list of what’s been lost or damaged can go faster if you already know where all of your valuables were. Having items pre-documented before the disaster will also make for filing a claim faster.
- Keeping track means that financial loss can not only be proven, but can come in handy when searching for federal assistance (like a tax break) later.
How to Perform an Inventory
In order to stay ahead of the game, you have to start in an easy spot. Where’s a good place for you to start your inventory? Kitchen cabinets, sporting equipment or a handbag shelf is a great place to start.
If you’re good at remembering new things, start your inventory off with your most recent purchases. And if you happen to hold onto your receipts, this will be a little easier. Pretty much all the receipt information is vital to filing a claim. Having general information about your purchases is essential when dealing with your historic insurance policy.
For example, if you have a stack of books, label them definitively. If an item is exceptionally valuable, make sure it’s labeled. Serial numbers should always be kept track of as well. When dealing with big ticket items you also have to consider art, collectibles and jewelry.
All of these things often raise in value after a certain amount of years. They’re also not always covered by standard policies since they cost more, meaning another policy is needed.
Making an Inventory in the 21st Century
Sometimes it goes beyond taking detailed notes. In this day and age, taking photos and video has become a part of society. It’s a great way to keep track of your valuables while creating an inventory.
There are even apps that can help you break down the process of home inventory, hopefully making it a little better. All paper documents should be copied both physically and digitally. And finally, all digital copies of documents should be duplicated and kept outside of the home. Having a zip drive at your office or even with your insurance agent will prevent all your documentation going to waste should something happen within the home.