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A home is one of the biggest investments most people will make in their lifetime, so it’s crucial that people have the proper insurance coverage for it – including what is inside the home. Creating and regularly updating an inventory of your personal possessions is one of the best ways to make the most of your homeowners insurance, and can make filing a claim easier and more efficient.
A thorough inventory of your home's contents and the associated value of the contents will help you and your insurance representative confirm adequate coverage. If you need to make a claim, whether due to damage from severe weather or flooding, a home inventory will help you receive proper compensation.
5 Tips for Making a Home Inventory
Print a copy of IBC's Personal Property Inventory Checklist or download an Excel sheet to track your possessions room by room. In taking stock of your contents, consider the following.
- Keep the bills, receipts, warranties and instruction manuals for your more valuable possessions – these can serve as proof of ownership.
- Store your records and receipts in a safe place, such as a safety deposit box or a secure online option.
- Review your home inventory every year and when you make new purchases. The value of your possessions will increase the more you acquire.
- Take photographs or video footage of all of your valuable possessions.
- Store records of credit cards, taxes, government and other important household documents in an off-site location.
When to Create and Update
Think of your home inventory as you would the batteries in your fire alarms. When you change the batteries, think if it is time to update your home inventory. Before a move is also an ideal time to prepare or update your home inventory list. When you increase the value of your home through a renovation or purchase expensive furniture, art, jewellery or other valuable items, you should notify your insurance professional.
A thorough and current inventory of your home's contents and associated value will help confirm adequate coverage and, in the event of a loss, proper compensation. Download your copy here
Learn about Home Insurance by getting started with a free quote: https://www.otcinsurance.ca/home-insurance-overview
