Oakville Real Estate News

Insurance Home Inventory List

Blog by Joette Fielding | April 15th, 2013

Value Of Your HomeYour 8-Step Plan To Create An Insurance Home Inventory List

Home is where the heart is. And likely, it’s where your computer, Italian loafers, rare book collection and Xbox are too. But in a time of crisis, how much will you likely remember about your individual possessions?

The value of a home inventory list is that it thinks for you. Should something go wrong, you will be asked by your policy provider to produce a list of any lost or damaged items. “In case the worst happens and a total loss occurs,” says Mahendra Jr. Prashad, policy services supervisor with CAA Insurance, “the insurance companies are going to look at the people who took the time to make a list and give them the benefit of the doubt.”

Creating a home inventory list is easy. Here are Prashad’s tips on how you can get started:

Step 1
List everything you see in your home (furniture, appliances, electronics etc). Don’t forget items like clothes, sporting equipment and even linens. For a family of five these will be costly to replace.

Step 2
Once you have an itemized list, go back and assign a fair market value to everything. The more specific you can be, the better. Attach any receipts you may have, and take pictures.

Step 3
Remember that “sentimental value” really means no monetary value. Photos and family trees can’t be appraised or replaced but they can be digitally scanned and stored on web-based sites like Flickr.

Step 4
Consider having rare and valuable items, like jewellery and art, appraised by a professional and listed separately on your insurance policy.

Step 5
Store your finished list and any photos and receipts in a safe and accessible location outside of your home such as in a safety deposit box or storage unit. Make sure your family knows where it is.

Step 6
Once you’ve made your list and estimated the value of your belongings, consider reviewing it with your insurance agent to make sure your policy is adequate for your needs.

Step 7
If you’re running a small business from your home or considering taking in boarders, be sure to discuss liability insurance with a certified agent.

Step 8
Remember that your list, like your home, is a work in progress. Values change, and items will come and go. Make a point of updating and reviewing your list every few years.

There are plenty of free online resources available to help you create your home inventory list:

The Insurance Bureau of Canada’s website www.knowyourstuff.org/iii/ibc_login.html offers free online software that will take you through each room in your house.

Content courtesy of http://www.caamagazine.ca

For all your real estate needs, call The Fielding Team at 905-338-9000 or visit our website at: http://www.thefieldingteam.com/

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