Inventorying Your Home for Insurance Purposes
Your standard insurance policy includes both the physical structure of your house (plus other structures on your property), and the belongings within them. In order to take the best advantage of your insurance policy’s protections, you need to assemble an accurate and thorough inventory of your personal belongings.
There are two reasons to do this. First of all, you need to list and price your possessions so that you know how much insurance you need. You should choose your policy limit in this area based on the value of your stuff. A broad estimate is likely to fall short—remember, there’s a difference between how much you could get someone else to pay your for something and how much it would cost you to replace it. Replacement value is what you’re going for so, if you lost everything, what would it cost you to replace it? Probably more than you realize.
Secondly, you need an inventory for claim purposes if, in fact, you do lose your home. Once you have made your list, start gathering receipts, owner’s manuals and other proofs of ownership and value. Have jewelry and rare or valuable items appraised. Keep everything in a fire-proof box, but stashed away somewhere no thief would be likely to find it.
The simplest and quickest way to make an inventory is to use a video camera. Walk around your house and slowly pan over everything in each room. That can serve as documentary proof that you actually owned everything you say you owned. You will need more to prove the value of some items like jewelry. Realize that your insurance company is not going to take your word for it where your possessions are concerned. If a thief steals your sixteen inch TV set, there’s nothing to stop you from claiming you actually had a 52 inch set instead, so they demand proof before they’re willing to pay.
Shop online for quotes from Georgia insurance carriers to get the best possible price. Comparison shopping will allow you to lower your deductible and increase your coverage so that you can truly get your money’s worth from your homeowner’s insurance.


November 22, 2011 