Why should I have a home inventory?
Your furniture and appliances, clothing, sports or hobby equipment, and electronic goods are all regarded as personal property. Like many people in Maryland, you may own much more than you realize.
Comparing the value of your belongings to the “contents” limit listed in your policy helps you make sure you have enough insurance to replace them if they are lost, stolen or destroyed as a result of a covered loss.
If that’s not enough to make you consider doing an inventory, having one also makes filing a claim easier.
What’s the best way to create my inventory?
The easiest way is to create a video inventory. Using a video camera, record and describe items as you walk through your house. Or, you can use a regular camera to take pictures and create a home inventory checklist.
Here are a few tips for completing and storing your inventory:
- Add brand names and descriptions where you can, especially on large-ticket items.
- Keep any receipts you have with the list to make the claims process easier
- Store your video or photo inventory off site so you won’t lose it if your house is damaged.
- Update your personal property records when you purchase new furnishings and valuables.
There are a number of online services and software options you can use as well to help you organize and store your inventory remotely. Use our home inventory worksheet for guidance.
How much insurance do I need?
We’re here to assist you in analyzing your insurance needs and help you decide how to most effectively protect your personal property.
Ask us about full value coverage, which will pay for the replacement value of your personal belongings. A standard policy typically covers personal property only up to its actual cash value, determined by taking the replacement cost and deducting depreciation, which can be substantial.
Remember, your homeowners insurance policy covers valuable items such as jewelry, art and antiques, only up to set dollar amounts. If the cost of replacing them exceeds these limits, you may want to purchase scheduled personal property coverage.
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