Your home is filled with memories, cherished possessions, and valuable assets. However, unexpected disasters like fires, floods, or burglaries can mean losing all of these. Did you know that there are 1.23 million home insurance claims made per day in the UK? And almost £8 million is paid out in house insurance claims every day as a result of these.[1]
Creating a home inventory can be a crucial step in making sure you’re properly prepared for the unexpected. It also helps significantly in obtaining the correct home insurance coverage. In this guide, we’ll explore the importance of safeguarding your valuables by making a home inventory, and the right insurance to cover it!
Why do I need to make a Home Inventory?
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Insurance Coverage:
A home inventory serves as a detailed record of your possessions. This means you can tell your insurer exactly how much coverage you need. In the event of a disaster, insurance companies require proof of loss to process your claim efficiently. Therefore, a well-documented home inventory means you can provide this evidence.
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Claim Accuracy:
Basically, without an inventory, estimating the value of lost or damaged items will be just an educated guess. A detailed list with accompanying documentation ensures accuracy when filing insurance claims and means you can get back the exact amount you’ve lost.
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Peace of Mind:
Knowing that you have a proper inventory in place provides peace of mind and saves time. It streamlines the claims process and means you can replace your belongings ASAP.
Step-by-Step Guide to Creating a Home Inventory:
Choose Your Method:
Decide if you’d rather create a physical inventory using pen and paper or opt for a digital solution. Numerous apps are available that allow you to document and store your inventory digitally, straight to your phone! Here are 6 of the best inventory apps.
Take a Room-by-Room Approach:
Begin by tackling one room at a time. Start with the room that contains your most valuable items, like electronics, jewellery, and important documents. Gradually work your way through each room, so nothing is overlooked.
Make Detailed Descriptions:
For each item, record detailed descriptions, including make, model, serial number, and purchase date. Note any unique features or characteristics that may help identify the item if it’s stolen. For example, most phones have a unique serial number you can note down.
Take Photographic and Video Evidence:
Make your written inventory even more thorough with visual evidence. Take clear photographs and videos of each item, focusing on distinctive features and any damage. This means they can be valued accurately and possibly recovered. Store these files securely.
Receipts and Appraisals:
Try and find the receipts, invoices, or other proof of purchases for items in your inventory. These documents serve as concrete proof of value and ownership, strengthening your insurance claim.
Consider Using Digital Storage:
If you save this inventory to your laptop or phone and it gets stolen, that basically defeats the object. So, try using a digital platform like Google Drive, that you can access anywhere with a username and password. This ensures accessibility and protection in case of physical damage to your home or belongings.
Regular Updates:
Keep your home inventory current by updating it regularly. Add new purchases, remove items you no longer own, and finally, adjust values if necessary. This ongoing maintenance ensures the accuracy of your records.
Store Safely:
Whether physical or digital, store your inventory in a secure location. For example, for physical copies, consider a safe or a secure off-site location. Lastly, digital copies should be protected with strong passwords and two-factor authentication where possible.
Creating a home inventory can seem like a daunting task, but the peace of mind and protection it provides in times of crisis is invaluable. By following this step-by-step guide, you’ll not only safeguard your possessions but also streamline the insurance claims process, allowing you to recover and rebuild with confidence in the face of adversity. If you need a home insurance policy that gives you right cover, check out Vavista Home Insurance!
While you’re having a clear out, take a look at our blog on “How to recycle electrical items properly”.
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