Disaster can strike at any time. Without warning, you could lose the things that mean most to you. That is why it’s important to protect you and your family’s financial security by having a household inventory.
Imagine purchasing an entertainment center for your home and stocking it with every electronic gadget imaginable, only to have a burglar break into your home and steal it all. According to the Federal Bureau of Investigation, 1,596,565 homes were burglarized in 2009. But even if your home is never burglarized, homeowners are always at risk for other losses, such as a fire. According to the National Fire Protection Association, about 369,500 residential fires occurred in 2010.
Regardless of the reason for your property loss, though, you will need to take certain actions. First, you will need to file a police report, and then your next step is likely to file a claim with your insurance company. If you have a claim, you don’t want to have to recall what you own and when you bought it. Maintaining a home inventory will make the claims process easier and likely will increase the speed with which your claim is settled.
What to include in a household inventory
A complete inventory includes a list of all of your possessions – from big ticket items like furniture and electronics to the types of clothing you own. Keep the inventory documentation in a safe place, such as a fireproof safe or in your bank’s safety deposit box.
The best way to document your possessions is to provide your insurance company with:
Household inventories should be updated annually or when making a major purchase. High value items such as antiques, jewelry, and collectibles should be appraised and possibly specifically insured in your policy.
Guidance from a trained professional
Just as changes in your home inventory mean it’s time to review your home policy, changes in your life affect your overall financial security.
Contact me to make sure the things that are most important to you and your family are protected.
Policies issued by COUNTRY Mutual Insurance Company®, COUNTRY Preferred Insurance Company® and COUNTRY Casualty Insurance Company®, Bloomington, IL. Coverage not available in all states. Read our full disclaimer.