NewBuyer Weblog

Home Insurance Inventory – The Importance of Making One Today

Posted by Elizabeth Dennis on February 11, 2010 | No Comments

The personal property coverage on your home insurance policy covers the contents of your home that are not a permanent part of your home’s structure.  In the event of loss, theft, or disaster; you will be reimbursed for these items.  Have you asked yourself lately what the items are in your home you would want covered if you found yourself in this situation?

Create a Home Insurance Inventory

It is highly recommended that new home buyers compile a home insurance inventory very soon after they move into their home.  If you have been in your home for a while and haven’t done this yet; make it a priority.  Let us take a look at why it benefits you to have this list before loss occurs or disaster strikes:

• Adequate Coverage – Preparing this list is the only way to be sure you have enough personal property coverage on your home.  This is not something you want to learn after it is too late.
• Memory – In a time of crisis, it will be very upsetting and difficult to remember each and every item that was in your home.
• Claims – The insurance claim process will be sped up significantly if you have your home insurance inventory prepared and ready to submit.
• Tax Deductions – Uninsured loss is tax deductible.  If you have this list available, it will be much easier to determine this uninsured loss tax deduction come tax time.

Making a List and Keeping it Updated

There a couple of methods you can use to make your inventory list.  There are quite a few home inventory software packages out there now; many are built into home finance software. You can certainly go this route or perhaps even easier is to create your own simple spreadsheet.  For ideas of the items to put on your list, browse the internet as there are quite a few samples available.

In addition to listing each major item, be sure to record any supporting information about your items.  These could be serial numbers, brand names, appraisal values, how much you paid, etc.  You can gather this information from product manuals, receipts, and appraisals.  If the idea of transcribing all of this information into your list is leaving you overwhelmed, here is a trick.  Scan this information or better yet, take digital pictures of it all.  It costs you nothing; so simply snap pictures of those receipts and manuals.  This is certainly less time consuming than typing or scanning and you’ll immediately have a digital copy of it all.  Just make a note in the list next to the item that there is a supporting photograph with more details.

By having your home insurance inventory list on your computer, you will be more apt to update the list regularly.  When you buy something new, open up the list and type it in.  Or snap a picture of it if your camera is at the ready.

Pictures and Video

The easiest way to record all of the smaller items in your home is to take pictures and/or video.  Both are beneficial.  As we have seen pictures are a great way to get record the details of an item.  Video is a good backup as you are certainly not going to take a picture of every single item; the video will capture it all.  The video will also give you and the insurance company a better perspective with regards to the size of your items such as furniture, the size of your curio cabinet, how big your closet is, the size of your rock collection, etc.

Speaking of closets, remember to include all closets, drawers, contents of storage boxes as well as attics, and basements when taking your pictures or video.  Transfer these pictures and videos to your computer for easy access to them and be sure to back it all up.

Backing Up Your Inventory List

The final step in this process is extremely important.  That is to not only backup your inventory list and supporting pictures and video but to store a copy of that backup somewhere OTHER than your home.  Otherwise in the unfortunate event your house is destroyed, your list will be lost.  Places off site you may want to consider are a safe deposit box, at work, or at a friend or relative’s house.

Make your home insurance inventory list today.  When you have the completed list in front of you, take a few minutes to take a look at your home insurance policy.  Make sure you are adequately covered and make it a habit to review your policy every year.

Umbrella Liability Insurance

Posted by NewBuyer on January 11, 2010 | No Comments

A high-quality look into umbrella liability insurance. An important take away is the list of what is NOT covered by an umbrella policy. Examples include intentional damage caused by you or your family or damage arising out of business or professional pursuits. The resource also explains what a typical umbrella liability policy covers and how much coverage you will need.

From the resource: “Umbrella liability insurance can protect you against the catastrophic losses that can occur if you are sued. Most insurers who write auto and home insurance policies also sell umbrella liability policies.”

Source: BeamaLife

Read More About Umbrella Insurance at Newbuyer.com

What is the Difference Between Renter’s and Condo Owner’s Insurance?

Posted by NewBuyer on January 8, 2010 | No Comments

A compact, but insightful look at how renter’s insurance and condo owner’s insurance differs. Learn that it is not an obligation of the property owner to insure the renter’s personal property. The condominium association’s insurance will cover the building, commonly owned property and liability coverage. Additional information is given about the three types of insurance policies: standard, broad and comprehensive.

Source: Helium

Read More About Condo Insurance at Newbuyer.com