Everyone who has Home Contents Insurance will need an inventory list. An inventory list is a list of all the home contents they are insuring inside of their home, and the values for each object. If your inventory is incomplete or inaccurate, you could end up inadequately covered when disaster strikes.
We all believe we won’t have to experience a flood, fire, hailstorm, earthquake, or a break-in, but if it ever does happen, it’s best to be prepared. Keeping your inventory list up to date and accurate will ensure you get what you should from your insurance company. Here’s how to make the best inventory list so that you’re covered well if disaster strikes.
How to Make the Best Home Contents Inventory List for our Home Insurance
1. List Your Things
Write down all the possessions in your home that you would want replaced if you had to lose the entire house. The easiest way to make this list is to go room by room with a tablet, laptop, or trusty notepad and pen. Write down the name of the object, a short description of the object, and its current value in Rands.
Include everything you want your insurance to cover. If it isn’t on the list, it won’t be insured. You could save money and get a lower premium by listing fewer things. The risk is that if something happens, whatever you haven’t listed you will lose permanently. It’s best to list every important item in your home carefully.
Your descriptions can include notes on the make, model, condition, and age of the item. Include any significant information about the object. Update your inventory list often, perhaps every three to six months. This ensures the correct values are listed and that every item of value is covered.
2. Take Photos and Videos
Include a set of photographs of each valuable object and its condition in your inventory folder. You can use your mobile phone or a camera to take pictures of each item. You can also make a video of each room, showing the person behind the camera what’s in the room that is of value and describing each item. These videos and photos will be invaluable in helping replace what you have lost, particularly for unique, sentimental objects like antiques.
3. Store it Securely.
Back in the day we wrote our lists on paper and stored them in our office, but nowadays better and more secure options exist. You can keep all your photos, videos, and documents secure in the cloud or on an external server. Your documents can include lists, receipts, and official papers for your valuables. You can create these documents on Microsoft Word and Excel online, or use Google Docs. Either platform will keep your files secure and listed away from home.
You can use Dropbox too, and there are a number of apps made to securely list your valuables and their worth. If you do make use of a cloud or external server, make sure your files are encrypted and secure. We suggest keeping these files in more than one location. Maybe keep your inventory in the cloud, on a memory stick, and printed in a folder.
4. Paperwork & Valuables.
Unlike valuable possessions, replacing your identification documentation and similar important paperwork can be tedious. Take extra precautions to keep your important documents safe. You can keep digital copies in an encrypted and secure folder in the cloud, and make another copy to go on your memory stick.
You’ll want to take measures to protect your ID, Passport, Driver’s, Contracts, and other legal documents. Keep them in a strong, fire-proof, weather-proof safe that is always sealed properly.
In this way, whether your house burns down or is destroyed in a storm, you can find the safe and get your important documents out safe and dry.
When listing more valuable items, be especially thorough in your descriptions, photographs, videos, and the detail you record. You can include serial numbers, appraisals, purchase dates and locations, the make and model, lots of photos and video, and any official paperwork you have for the item like warranties, repair records, or certificates.
5. Store it Away from Home
Keep your inventory list somewhere away from your home. If something happens to your house and your list is in the house it becomes obsolete. If you put files on a memory stick, keep the memory stick somewhere safe away from the house. The same goes for the actual paperwork. The files that you save on the could will, of course, be safe from physical harm, but you can take precautions to ensure it is safe from hackers or phishing.
DISCLAIMER: The information provided in this article is meant for informational purposes only and should not be construed as legal, medical, or financial advice. Facts stated in this article are correct at the time it was published.
Sources: moneytalksnews; howtogeek; thebalance;