Itemized Inventory

Charles Goodman Group: Friendly Insurance Brokers in Chappaqua NY

Completing a home inventory will help a policyholder guarantee that they have the appropriate amount of insurance for the items they have in their home. Certain items, such as high value jewelry or antiques, may require specialized insurance to provide sufficient coverage. A homeowner who is considering purchasing insurance should speak to a Chappaqua insurance agent to make sure that the coverage they are purchasing is adequate for the items they have in their home.

Prior to purchasing a homeowners insurance policy, it would be good to do an up-to-date home inventory. This will make settling a claim a whole lot easier. The insurance company can use the inventory to verify property and the inventory can be used as proof of loss when it comes time to file income tax returns.

Where should a homeowner start with their inventory? The first step should be making a list of everything that they own along with a detailed description of each item. The description should include where the item was purchased, the make and model of the item, any sales receipts that show the price of the item, and any purchasing contracts. Clothing should be itemized in categories for easier reference.

When doing the inventory, do not forget to include big-ticket items like antiques, expensive jewelry, or artwork. Photographs should be taken of entire rooms in the home as well as of individual items that are being insured. Creating a video walk-through of the home with audio commentary describing the contents of the house will make filing a claim a lot easier.

The insurance agent experts at the Charles Goodman Group of Chappaqua NY can assist you with any questions regarding health insurance or automobile insurance.

Printed copies of the list and physical copies of the video documentation should be stored in a safe or in a safety deposit box.

A digital copy of the inventory list should be stored on the homeowner’s computer as well as on a separate disk drive. This way, if a disaster destroys the home computer, there will still be a backup of the inventory list. Some have chosen to email the list to themselves or save the list in a cloud storage medium.

Homeowners will want to revisit their inventory list annually. This will allow them to document new items they are purchased as well as verify that the items they are insuring are still in good repair and are still in their possession.

The home and the possessions inside the home are usually the largest investment a person makes in their life. A homeowners insurance policy is designed to protect that investment and to guarantee that the homeowner does not suffer a total loss in the case of a disaster. It is the homeowner’s responsibility to understand the terms and conditions of their insurance policy. This means understanding what items are covered, what perils are covered in the policy, and what the consequences are for allowing a lapse to occur in their policy.