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    Insurance | 2 min read

    3 Reasons Why You Should Create an Inventory of Your Personal Items

    create-an-inventory-of-personal-itemsTornados, hurricanes, floods, fires, and burglaries…oh my! These are a few of the natural or man-made disasters that homeowners never want to experience. Losing valuable possessions that may have taken years to accumulate in a traumatic event can be devastating.

    If you experienced a disaster tomorrow, would you have the necessary information prepared to make a fast and smooth insurance claim?  Are you confident that your policy covers all of your cherished belongings?

    To help ensure you receive a fair settlement in the event of a loss, every homeowner should create and maintain an inventory of personal items to substantiate insurance claims. Consider using a mobile application, such as Know your Stuff, to assist you with the inventory process. By documenting all your household belongings and their worth, you can:

    1. Quickly File A Claim

    How many times have you heard in the news about house fires, floods or even burglaries? What you might not take into consideration is the aftermath some families experience; aftermath that could and headaches that can be avoided. The endless phone calls and being transferred from one insurance agent to the next is frustrating and bothersome enough; now, consider dealing with all that in a highly sensitive time in your life. It’s better to prepare for an incident like this with all of your documentation handy; it makes it easier on both you and the agent assigned to your case.

    Consider keeping an electronic file, accessible from multiple devices, with a comprehensive list of your belongings and receipt copies for home purchases. Organization is key when it comes to filing a claim. Applications on mobile phones simplify the process.

    2. Determine if you are over- or under-insured

    Creating a list of your personal items can also help you find the appropriate coverage for your needs. Many consumers don't realize the true value of their possessions until they're forced to place a value on them, and you don't want that time to be at a time of loss. Then, it's too late. Determining the appropriate level of coverage for your situation will ensure that if the unthinkable happens, you have the right amount and the right type of coverage in place to get you back on your way to rebuilding your loss.

    3. Establish Resale Value on the Fly

    Consider the time and money you spent validating taxes, assessing your net worth, and establishing resale value from improvements to your home. Knowing how much money you've put into your home, its upgrades, and the items within it will equip you with a documented, "proof of worth" value on the aforementioned. Documentation is key for providing justification fur future sales. 

    One can never be too prepared, whether it's for an unforeseen catastrophic event or a spontaneous quick-action decision. Do yourself a favor. Document, document, document. And, when you think you've documented enough, document some more. Trust that you'll put that detailed information to good use. What are some good mobile apps you would recommend for keeping track of home inventory or receipt archiving?

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    Jacki Cameron

    Jacki Cameron is the Personal Lines Manager for SWBC Insurance Services. She specializes in all personal insurance product lines and has significant experience working with clients who often have varied, unique asset protection requirements. Known for her knowledge and for developing outstanding customer relationships, Jackie has more than 20 years in the insurance business and is a key expert in the industry.

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