It’s something that many people say they’re going to do, but just never get around to it – creating and/or updating their inventory list for their homeowner’s insurance policy.

Unlike auto insurance that knows the value of your vehicle based on the manufacture’s VIN number, it’s up to you to record the value of the items you’ll be insuring.

Here are some tips for creating a solid home inventory list:

• Take photos of your items: Walk around your house and garage with your camera snapping photos of your significant items. Handwrite on the back of the photos or use a Word Processor to type out information sheets on which to attach photos. Describe the item, where and when you bought it, the price, and if possible, attach the receipt.

• Use a video camera to walk around the house as you describe each item, where and when you purchased it, and the price.

• Store your photos in a safe deposit box or at a friend’s house – anywhere that is not your own home. If your home is destroyed, you won’t want the evidence of your home’s contents destroyed along with it.

• Make sure your homeowner’s insurance policy covers your big ticket items such as jewelry, collectables, and artwork. Some items may require a rider to insure for the additional value. It may cost a few dollars more to insure big-ticket items, but you’ll be glad you alerted the insurance company to their value before hand if a disaster does happen.

• Update your inventory on a regular basis. Make it a point to take photos of new items as you purchase them and save or make copies of the receipts.

• Watch a video on taking a home inventory and download free home inventory software from the Insurance Information Institute to make the task more manageable.

Tags: Triangle Real Estate //