Home is where the heart is. It is where your day begins and ends. Your family is there, your possessions, your future. Everything worth protecting is part of your home, so why not take steps to protect all of it with homeowners insurance? While you prepare to purchase a homeowners insurance policy, it’s important to first take inventory of what it is you’re protecting. An inventory will assist you in purchasing a policy that fits your needs.
Before you sign up for a home insurance policy, take inventory of your belongings–from your expensive furniture and appliances to family heirlooms and sentimental gifts you treasure. Start small when building your list and work your way to the bigger-ticket items. That way, nothing is missed, and you might even find a few things you might not have thought of before. A detailed inventory will help with:
- Finding a fitting policy
- Filing a claim if the need arises
- Assessing your possessions come tax season
If your belongings are destroyed in a disaster that’s covered by your policy, like an electrical fire or natural weather disaster, you can point to your home inventory list to provide evidence of the loss. Increase your chances of a successful claim by including photographs or receipts of the damaged property—especially if you’re claiming a loss on a high-value item.
The NAIC Home Inventory App is a great option for creating a detailed home inventory. With the app, you can upload a photo, scan a barcode, capture a serial number, and store information that you may need in order to file a claim like the purchase price.
The hectic circumstances around filing an insurance claim can be overwhelming, so having an inventory on record is a great way to stay focused. Also, being in a position to provide to your insurance company the detailed list could actually expedite your claim process.
When evaluating potential homeowners insurance policies, pay special attention to the financial details.
- Know how much coverage you need. Take stock of the weather and road conditions near your home as well as your home’s structure and wiring.
- See what the policy covers. Don’t be caught off-guard by not reading the details of your policy. Take that extra minute and read up on the policy, even if you don’t think it applies right now.
- Read and understand how much the deductible is. Knowing how payments will work when filing a claim is a key piece of ensuring you are getting the right policy.
- Figure out a finance plan for the long term. Work with one of our agents to come up with a payment plan or when your insurance needs might change.