Homeowners and renters insurance gives peace of mind that in the event of damage or loss, a full recovery will be ensured. However fewer than 10% of homeowners and renters document their valuable belongings, making ownership difficult to prove leaving reimbursement dollars short. Without a thorough home inventory template, you could be at-risk.
Don’t Leave these 5 Important Things Off Your Home Inventory Checklist!
These items, of high monetary value, are among the most difficult to replace if stolen, damaged or destroyed. Be sure to save receipts and serial numbers for these 5 high-ticket items, and include them in your digital photo or video home inventory:
- Electronics & Appliances
Electronics and appliances are among the most sensitive and easily damaged items in your home in the event of mishap. They are also among the most sought-after by thieves.
- Stereo equipment
- Game systems
- Streaming devices
- Computers & laptops
- E-readers & tablets
- Home office equipment (printers/scanner/fax)
- Home automation & associated ‘smart’ technology
- HVAC equipment
- Toaster/Toaster oven
- Water heater
- Power tools
- Lawn equipment
You sit on it or at them, store things within them, and rely on your furniture daily. Yet few give consideration to the astronomical cost of replacing an entire household worth of furniture until it’s gone. Be certain to include in your home inventory checklist the following high-value furniture items:
- Cabinets & contents
- Furniture & storage
- Tables & chairs
- Dressers, armoires
- Dressing table
Not all policies cover high-dollar jewelry. Check your coverage limit carefully for terms. And be sure to have jewelry items appraised regularly, preferably annually, to ensure an accurate representation of their current price.
- Wedding rings
- Necklaces & bracelets
- Broaches & pendants
These items should also be appraised regularly at a reputable establishment to ensure an accurate representation of their current price and the need for additional insurance coverage as they go up in value.
Homeowners and renters insurance also typically includes coverage for guns, from standard hunting rifles to collectables and antiques handed down through the generations.
How Your Items Will Be Valued?
The items on your home inventory checklist will be valued in one of three ways depending on your coverage rules, so be sure to read over your policy carefully…
- Cash value: Replacement cost minus depreciation (think: garage sale prices).
- Replacement value: The amount you’d pay to replace your belongings at the time of loss (today’s retail prices).
- Appraised value: Typically used for one-of-a-kind antiques and valuables, which have been appraised and documented via your home inventory template.
Do You Need Additional Coverage?
Personal property coverage offers the option to add-on coverage for specific, high-value items not covered - or not adequately covered - in your policy, such as in the event of total loss. Taking stock of your possessions and reviewing your policy in advance can give you key insight into coverage shortfalls. This is why updating your inventory and appraisals annually is integral to accurate and full reimbursement.
Who’s got your back in the event of disaster? The caring restoration professionals at Rainbow International® are here to help you through the process. Learn more today.