If you were to take a moment right now, without the stress of the aforementioned, could you make a comprehensive list of all your belongings? Could you get as detailed as to the make and model of your washer/dryer? The serial number of your favorite watch? The carat weight of your wife’s diamond earrings? Do you remember if Grandma’s antique china is still up in the attic?
A home inventory report is a highly detailed document noting the contents of your home. It clearly identifies your personal property through description, measurement, digital photos and video, and receipts if available. Professional inventory reports will assign a value to each item. The valuation is usually a replacement value; meaning the cost you would need to pay to replace the same or similar item in the event of a loss. Some reports may include a fair market value (also called actual cash value) depending upon the item itself. The difference is that a fair market value considers current condition and depreciation.
So what are the benefits of having a home inventory report? You already have homeowners insurance so you’re covered, right? Well…sort of! As long as you can provide proof of ownership! And there it is folks, the burden of proof. This brings us to:
Paint & Patina’s Top 5 Benefits of having a Home Inventory Report.
1) Proof of Ownership: A home inventory report bears the burden of proof so you don’t have to during the time of a loss.
2) Simplifies the Claims Process: You and your insurance agent will already have a detailed and thorough inventory listing of your items.
3) Confirms Valuation: You will have a record of the replacement value already established and it may help to maximize your reimbursement.
4) Confirms Insurance Coverage Amount: Your valuations will help you determine if you have an adequate amount of coverage for your belongings.
5) Supplements Estate Planning: Your home inventory report may be helpful when it comes to your estate planning documents and/or to your beneficiaries.
Some might think a Home Inventory Report is only for high net worth individuals with art collections, fine china, jewelry, etc. Not so! Every homeowner should have one.
Can you create a home inventory report on your own? Absolutely! The only hold up is time and motivation. I offer you a friendly, two-week challenge from the day you read this blog. Actually, let’s make it a thirty-day challenge. If you have not completed your home inventory by then, chances are you won’t do it at all. Pin Paint & Patina on your calendar now! We can help and it doesn't cost a fortune. We're certified appraisers and we understand the value of your assets. Take this important step to help protect your family in the event of a loss. It’s worth it!