Create an Inventory of Possessions for your Renters Policy
Creating an inventory of your personal possessions will help expedite the claims process and ensure that you receive just compensation in the event of a loss.
Historically, written lists of items, with estimated values (or receipts) were kept. As film and digital media has become more prevalent, more homeowners are taking pictures or creating videos instead. A video walkthrough is a wonderful tool, but be sure to specifically capture your significant items (open drawers, pull items out of closets, etc.).
These video methods can be augmented by written lists or digital textual documents, such as spreadsheets or word processing files that can be stored on hard medium or in the “cloud”. The inventory methods are numerous. The main point is to generate as much evidence of your possessions as possible to support your claim. Take extra care to inventory items you would like to be replaced quickly in the event of a loss, and high-dollar items. Capture as much information as possible so that a cost can quickly be determined (brand names, model numbers, technical specifications, etc.). The highest cost items should be accompanied by receipts.
Make sure you visit every room (garages, attics, basements and sheds are often overlooked) and don’t forget to update the list annually or when making major purchases. Lastly, store a copy of this information away from the home so that it is not destroyed in a fire or other event (in the “cloud”, with a family member, in a savings deposit box).
Creating an inventory of your personal possessions will help expedite the claims process and ensure that you receive just compensation in the event of a loss.
Historically, written lists of items, with estimated values (or receipts) were kept. As film and digital media has become more prevalent, more homeowners are taking pictures or creating videos instead. A video walkthrough is a wonderful tool, but be sure to specifically capture your significant items (open drawers, pull items out of closets, etc.).
These video methods can be augmented by written lists or digital textual documents, such as spreadsheets or word processing files that can be stored on hard medium or in the “cloud”. The inventory methods are numerous. The main point is to generate as much evidence of your possessions as possible to support your claim. Take extra care to inventory items you would like to be replaced quickly in the event of a loss, and high-dollar items. Capture as much information as possible so that a cost can quickly be determined (brand names, model numbers, technical specifications, etc.). The highest cost items should be accompanied by receipts.
Make sure you visit every room (garages, attics, basements and sheds are often overlooked) and don’t forget to update the list annually or when making major purchases. Lastly, store a copy of this information away from the home so that it is not destroyed in a fire or other event (in the “cloud”, with a family member, in a savings deposit box).
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