The holidays have come and gone, and as the new year begins, it’s the perfect time to take inventory of your home. With the chilly weather keeping us indoors, now is a great opportunity to organize and document your belongings—especially if you’ve recently acquired new items like electronics, jewelry, or other large-ticket goods.
Why is a home inventory important?
In the event of a loss, having a detailed record of your belongings can make filing a claim under your homeowners insurance faster and easier.
Tips for Creating a Home Inventory
Taking inventory doesn’t have to be overwhelming. Here’s how you can get started:
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Go room by room: Start in one area and document items, such as furniture, electronics, and appliances.
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Record key details: Note the make, model, purchase date, and estimated value of each item.
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Use photos or videos: Visual documentation can be incredibly helpful. Take clear pictures or walk through your home recording a video, narrating as you go.
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Include new holiday gifts: Don’t forget to add any new items you may have received during the holidays!
Below we have provided a basic structure for how to organize your inventory list.
Protect Your High-Value Items
If you own high-value items like jewelry, furs, or fine art, you can take an extra step to protect them by scheduling these items on your homeowners insurance policy. Scheduling personal property offers:
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Agreed value: In the event of a loss, you’ll receive the full agreed-upon value for the item.
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$0 deductible: Usually there’s no out-of-pocket cost for claims involving these scheduled items.
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Broadened coverage: Scheduling an item may expand the covered losses for that item.
Scheduling high-value items provides peace of mind and ensures that your most cherished possessions are properly insured.
What Happens After a Total Fire Loss?
While no one wants to experience such a devastating event, it’s important to know what the claims process looks like and how your inventory can help.
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Initial Assessment: After a fire, you’ll file a claim with your homeowners insurance provider. An adjuster will be assigned to assess the damage. They will meet with you to review the loss, inspect the site, and gather documentation of your home and belongings.
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Using Your Inventory: Your detailed home inventory will be critical at this stage. It helps the adjuster understand what was lost and ensures nothing is overlooked.
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Determining Coverage: The adjuster will determine coverage based on your policy and provide an estimate of the total payout, including the cost to rebuild your home and replace your belongings.
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Paying Out Claims: For a total loss, insurance payouts typically come in two parts:
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Structure Replacement: Payment for rebuilding your home, often made directly to you or your contractor in stages.
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Personal Property: Reimbursement for lost belongings, which can be based on their actual cash value or replacement cost (depending on your policy).
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Having a complete inventory speeds up the claims process and ensures you receive accurate compensation for your losses.
How We Can Help
At Andres O’Neil & Lowe Insurance Agency, we understand the importance of protecting what matters most to you. Whether you prefer to keep your documentation yourself or have us store it for you, we’re here to provide support and guidance.
By updating your inventory and considering scheduled coverage for specific items, you ensure your homeowners insurance coverage aligns with your needs, giving you confidence no matter what the future holds.
If you have questions, want to schedule an item, or need to review your policy, our team is here to help.
Start your inventory today—it’s the perfect winter project!