An effective inventory is a tremendous benefit for those suffering a fire or other significant loss. Creating and maintaining a home inventory involves planning and execution. The planning component involves deciding how to build the initial inventory. The execution consists of updating your inventory monthly or quarterly. If you need home or other insurance, consider the August Vincent Insurance Agency, serving Crystal Lake, IL.
Creating Your Home Inventory
Those who suffer a loss and have a current home inventory receive faster, more accurate settlements. Having detailed documentation of losses that occurred eliminates guesswork and helps the insurer determine the value of your loss, allowing you to recover its full value.
The best way to create a home inventory is to use a spreadsheet or app that allows you to upload receipts and take photos and videos. Whichever tool you prefer, you should store the information in the cloud or in a location other than your home so your inventory remains safe from damage.
The key steps in creating and managing your inventory include the following:
Create a Plan
Organize your inventory room-by-room or another method. A room-by-room inventory makes video recording easy, and your valuables are often organized by room anyway.
Big-Ticket Items First
Inventory more expensive items first and group lower-value items, such as "four pairs of running shoes."
Regular Updates
On an ongoing basis, immediately inventory purchases over a specific dollar amount and update your video and inventory annually.
The August Vincent Insurance Agency Difference
Maintaining a home inventory takes discipline but is highly valuable if you suffer a loss. The August Vincent Insurance Agency, serving Crystal Lake, IL, will help you develop your insurance plan, so call (847) 217-2184 or stop by to make an appointment.
