Correctly Documenting the Contents of your Home for Insurance Purposes

Correctly Documenting the Contents of your Home for Insurance Purposes

Most homeowners have insurance coverage for their home and its contents, but far too few have the proper documentation to prove the value of their contents in case of the need to file a homeowners insurance claim. How can you make sure your items are not only covered, but correctly valued?

Make a List

Start by making a list of all of your valuables. This isn’t just jewelry; list anything of value in your home that could be lost in case of a catastrophe or stolen during a break-in. These items can include:

• List your television set, stereo, DVR, desktop and laptop computers, tablets, and mobile phones
• Kitchen equipment. Many people don’t even think about listing that $600 KitchenAid blender or the French Press they got for their wedding
• Musical instruments. These can have both actual and sentimental value. Include accessories like bows and cases
• Wardrobe accessories. That means Coach handbags and Louis Vuitton briefcases; Prada shoes and Givenchy heels; long tailed tuxedos and frothy bridal gowns go on the list

Take Pictures

To visually document your belongings, take pictures or videos. Don’t forget to zoom in on brand labels and logos; for commonly knocked off items, get images of the proof of value. This could include photographing the inside and outside of expensive luggage, or showing all the accessories for that high-end vacuum. Note the age and condition of each item. Look for model numbers or serial numbers on things like electronics and power tools – these can help in case of theft as items can be tracked down.

Scan Receipts

Paper copies of receipts can get lost, misplaced, or destroyed; many receipts have ink that degrades over time and your documentation will be unsalvageable. Scanning all receipts and saving the images alongside the photographs of the items themselves can help provide proof of ownership, value, and date of acquisition.

Get Appraisals

Have high value items like jewelry, watches, antiques, and collectibles professionally appraised, and scan these documents as well for storage. You should have appraisals redone every 5 years or so to maintain a verified current market value. You can store these files in cloud data storage on an accessible platform like OneDrive or Dropbox so you have copies available no matter what, and print copies to store in a bank safe deposit box.

Purchase Appropriate Coverage

Once your items are thoroughly documented, print a copy of these files and sit down with your insurance agent. They can review your documentation and help you make sure you have the right coverage for all of your possessions in case of a loss.

This article is for informational purposes only and does not form a part of, replace, change or amend any terms, conditions, provisions or language within your Olympus Insurance policy. We encourage you to read your entire policy.