Keep home inventory in case of fire, other disasters

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No one wants to think about being the victim of theft, flood, fire or other casualty loss.

It happens more often than not in our ever-changing world. Although sometimes we can’t avoid loss, we can at least be prepared.

Don’t wait until disaster strikes, as loss is devasting enough without the added stress of trying to remember everything that was lost. The most important thing you can do is create a home inventory list for insurance purposes. Such things to include are valuables, furniture, appliances, electronics, tools, etc.

Start an inventory list with pen and paper. List your inventory and collect any receipts you have that show the value of your possessions. If you don’t have receipts, use the internet to find comparable items and estimate the values. It’s important to document your things by video or camera as proof of ownership. Be sure also to include a description of each item, serial numbers, and any special features. If you have had your valuables appraised, keep a copy of the appraisal report as part of your inventory file.

Next, review your homeowner’s insurance policy and make a note of the existing coverages. Make sure you know exactly what is covered and the financial limits of your policy. If you find that your existing policy won’t cover all your possessions in a loss, then you will need to purchase additional coverage. Flood insurance, for example, is a separate policy from the traditional home insurance policy. In addition, your home insurance policy may have limits regarding disaster losses. It’s always best to know and be prepared ahead of time then find out after a loss!

So, where do you store all this information? One option is to find a reliable online storage backup provider. In the event of a loss such as a fire, having your files stored online will protect them. Another option is to store the information in a safety deposit box on a USB drive. Storing this information off-site will also protect the files from most losses. In the event of a loss, your insurance company will ask for information and documentation of the destroyed or lost items. Having a checklist with descriptions and serial numbers, and visual documentation will be just what they need to process your claim.

It’s hard to think about facing a loss of possessions, home, or both! But with a bit of prep and planning, along with knowing what insurance coverages you have, filing a claim can be a little less painful.