![]() ![]() ![]() Digging through a kitchen cabinet to list all your gadgets and realize that you haven’t used that bread maker in 5 years? Get rid of it. Declutter while inventorying: As you work through creating your home inventory, remove items you no longer use.The purpose of compiling a home inventory is to document the items that stay in your house, but why not use an inventory to help decutter your home? How? In two ways: Use your home inventory to create a maintenance plan to ensure these items and your home continues to run smoothly. And it’s hard to keeping up with what needs maintenance and when. Part of a compiling a comprehensive home inventory includes making note of appliances and lawn gear that require preventative maintenance and upkeep. Because if you have and disaster strikes, you may have an insufficient limit on your policy to cover the cost to replacing all your belongings. Ensure that you haven’t underestimated the worth of all your possessions. How? Provide a copy of your completed home inventory to your insurance agent and ask them for their opinion. WTH? You mean to tell me that even with insurance, we may not be able to rebuild our house because we’re underinsured?)Ī home inventory can help determine if you have purchased enough insurance coverage. (As a side note, when I read this I was appalled. Many of these homeowners are financially unable to rebuild a house like the one they had prior to their loss.” Homeowners in these unfortunate situations find themselves responsible for tens of thousands of dollars of unexpected out-of-pocket costs to rebuild their house. ![]() “Millions of American homeowners are at risk of major financial loss should a disaster ever affect their home. What does that mean? According to Nationwide: The average underinsurance amount is about 22%, though some homes are underinsured by 60% or more. Properly Insured?ĭo you know what your limit is on your homeowner’s policy? Have you looked at the limits on your home insurance policy and wonder how it was determined? (I’ll admit it, I have no idea why we have our particular limit.)īut after reading this statistic from Nationwide Insurance on homeowner insurance, maybe I should be questioning my limit….Ībout 2 out of every 3 homes in America are underinsured. Some insurance companies need receipts for items, while a photograph and/or serial number will be sufficient for others. If your house is destroyed and you are living in a hotel or with family or friends, don’t you want your claim paid as quickly as possible so that you can rebuild?īefore you start your home inventory, Inspection Support Network advises reaching out to your insurance company tip on specific reimbursement requirements. But will you remember the small stuff? Fifty pairs of shoes? Your kid’s complete Disney DVD collection? That small stuff that seems insignificant, but in reality, adds up to a significant sum? If you forget what you own (including the small stuff) and don’t report it in your claim, you won’t get reimbursed for it.Īnd not only with a home inventory help get you complete reimbursement for your personal belongings, a home inventory also speeds up the claims process. Sure you will remember the large items – appliances, snow blower, tv, etc. The best way to provide that documentation or proof of ownership? Through a home inventory.Ī comprehensive home inventory provides a snapshot of all your belongings – large and small items. Why? Insurance companies put the burden on you, the home owner, to provide documentation of your belongings in order to get reimbursed fully and quickly. If your personal belonging are stolen or lost in a natural disaster, a home inventory will ensure that insurance claims are processed faster, completely, and with less hassle. ![]()
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