With vacations cancelled due to COVID-19, you still have PTO to burn. Why not schedule a day to make sure you’re prepared in the event of a loss to your home? According to Insurance Information Institute, home fires occur about every 90 seconds in the U.S. We hope it never happens to us, but can you remember every item you own in every room of your home? And if you must come up with a list when stressed after a fire or tornado, you’re bound to miss a few items.
After taking steps to make sure your family is safe– like knowing your escape route and meeting place outside the home…or knowing the safest place to hide from a tornado inside your home– you should create an inventory of your belongings. There are many options available in creating an inventory. For a visual reference take photos or videos of your belongings. In addition, keep a detailed list of items, including a description, make/model, serial number when and where it was acquired and the purchase price or value. If you’re not sure where to start, click here for a simple spreadsheet.
If you’re not sure where to start the list, document the most valuable items first. Jewelry, art, electronics, firearms, antiques/heirlooms are often the most difficult to replace and may require separate coverage. If you’re not sure if you need extra coverage, seek guidance from your insurance agent. You may also need to obtain an appraisal for the item(s). A personal articles endorsement will provide additional coverage that your homeowners policy may not provide in the event of a loss.
For large items, it’s a good idea to photograph the item and record serial numbers or keep copies of purchase receipts. And don’t forget items hidden away in a basement, garage or attic.
After documenting your list, be sure to make several copies and keep them in a safe place. You might share the information with a friend or relative and keep a soft copy stored where you can access it from anywhere.
After you complete the task, enjoy the rest of your staycation day with a cool beverage and a good book.