The Importance of Home Inventory for Homeowners Insurance Claims

Homeowners insurance coverage has provisions for lost or damaged possessions if your home is destroyed. But without an accurate idea of how many personal items you own or what their total value is, you’ll likely be undercompensated for your loss. Taking a home inventory can help you get the compensation you deserve after a catastrophic event.

How Does Homeowners Insurance From Secure Insurance Group Cover Possessions?

Homeowners insurance from Secure Insurance Group covers belongings, but not to the same amount that it does for the home’s structure. In fact, the majority of homeowners policies will provide coverage for possessions up to 50% to 70% of the coverage for the home’s structure. For example, if a homeowners policy provides $500,000 in coverage for the home’s structure, it will likely have anywhere between $250,000 to $350,000 in coverage for personal belongings within the home.

The amount you’ll be reimbursed depends on whether you choose to be reimbursed for the actual cash value or replacement cost when you first enroll in your policy. If you opt for actual cash value, your reimbursement is based on the item’s depreciated value, which will likely not be enough to replace it. Replacement value is ideal because you’ll be compensated a greater amount, and you’ll be able to purchase a replacement for the damaged or stolen item instead of a small fraction of its original cost.

Why Should I Make An Inventory For My Homeowners Coverage From Secure Insurance Group?

Making an inventory ensures you’ll get proper compensation. It also expedites the claims process considerably by saving you a lot of work ahead of time. You won’t have to worry about forgetting to list a particular loss, either. At Secure Insurance Group, we want you to get the most out of your policy.

How Can I Make An Inventory?

There are a number of ways you can go about making an inventory, including:

  • Written lists
  • Photos
  • Videos
  • Inventory apps

To make it easier, you can divide your possessions into smaller categories. You may have separate lists for different types of belongings, such as electronics, furniture, clothing, jewelry, and appliances. Or, you can organize your list by what items you have in each room.

What Details Should I Include On My Inventory?

It’s best to be as descriptive as possible. You’ll want to include details such as the brand name, model, serial number, and purchase date. Ideally, you should also have receipts for your most expensive items. If you don’t have a receipt, provide an estimated value.

Don’t stress about making the perfect inventory – just do the best you can.

How Often Do I Need To Update My Inventory?

This will depend on what’s easiest for you. Some individuals may have an easier time updating their inventories every time they make a purchase, while others may prefer making updates at the end of each year.

Where Should I Keep My Inventory?

Where you keep your inventory may seem trivial, but you need to consider that it, too, could be damaged, lost, or stolen like any other item in your home. Some ideas for storage include:

  • Keeping them outside of your home (e.g. in your car or in a relative’s home)
  • Making digital copies that you can access through a cloud service and/or emailing a digital copy of your inventory to yourself

Get Your Homeowners Coverage Now

At Secure Insurance Group, we want you to get the fairest compensation for any loss you may incur after a disaster. Don’t let an event outside of your control set you back. We’re here to insure you today to ensure a better tomorrow. Call us today at 877-871-7328.