In regard to the recent storms from Hurricane Irma, let’s all make sure the things we can control are in order, such as if the contents of our homes were destroyed.
Now is the perfect time to take stock of what we own and document it, so in case a storm does destroy our property, we have all the important information ready in advance to start the claims process.
A great way to prepare ourselves today, in case we ever need to file a claim, is to create a personal property inventory list. Doing so creates an itemized list of our home’s valuables.
Important information for our inventory list consists of the manufacturer and model of each item (if applicable), the original cost of each item, and the year each item was purchased. This information helps determine how much we can recover if that item suffers a loss.
Break down the list by rooms, so for example a list for our living room, a list for our bedroom, a list for the kitchen, and so on. We also don’t need to list each item individually – if we have three lamps in our living room that cost $800 together, we can put “3 lamps - $800” in our living room list.
Another way to make sure our contents are documented is to record videos of our contents. Having video evidence of our contents in advance will add that extra peace of mind we all need. Don’t forget to have a copy of that day’s newspaper handy to give a reference for the video.
Once we have completed the list and the videos, we want to store them with our insurance policies. Don’t forget to go back periodically and make updates as we buy and sell things!
Another step we can take to protect ourselves is to compare the value of the property on our list to the amount of insurance we have purchased for that property. If there is a wide gap between our values and our insurance amounts, we should consider modifying our coverage to close that gap.
D. Ward Insurance would be happy to discuss the benefits of creating a personal property inventory with you. If you’d like to learn more about the list, or learn other ways you can prepare yourself in advance for possible losses, please give us a call at 770-974-0670. We look forward to doing business with you!