Imagine the home or apartment you rent burns down or falls victim to theft. You would immediately call your agent to file a claim and you would be asked about your property that was damaged, destroyed or lost in order to accurately issue a benefits payment for repair and/or replacement. Could you recall every single item you own and value? Unless you have an eidetic memory, probably not. That’s why it’s important to take a home inventory.
Walk your home, room by room, and make a note of every valuable item—furniture, clothing, artwork, electronics, kitchenware, appliances, musical instruments, media collections, etc. You can leave out those old, worn sneakers you’ve been meaning to toss or that tacky fridge magnet your friend bought for you on vacation, but remember to include every object you’d want replaced if something were to happen to it. Along with a short description, note the dollar value, manufacturer/brand name, serial number and take a photograph. This may take some time to accomplish since you may have a lot of valuables, but it will be well worth your time if a covered event damages or destroys your property.
Compile your notes and pictures into a file, either physical or digital. If your file is digital, store it on an external hard drive and email it to yourself or store it on a cloud drive for safe keeping. If your file is physical, make a few hard copies and distribute them to your agent, a trusted friend or family member, your safety deposit box and/or a fireproof safe in your home. This will ensure that the hard work you put into making your inventory is just as protected as the items on the list.
Now, let’s revisit our opening scenario. When your insurer asks about your lost or damaged property, you can now consult your home inventory to determine exactly what needs repair or replacement and how much it’s worth.
Ensure the protection of your property. Call General Insurance Services at (219) 879-4581 for more information on Michigan City renters insurance.