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Subscribe to this list via RSS Blog posts tagged in home inventory

Posted by on in Uncategorized

Creating a Home Inventory List

A service of  XXXXXXX Insurance Agency and the Professional Insurance Agents of Wisconsin

Homeowners and renters alike benefit from keeping an up-to-date list of their property’s inventory. Insureds should create and then periodically update such a list to protect themselves in the event of a loss. Having an updated inventory list is essential to ensuring that you carry a sufficient amount of homeowners’ or renters’ insurance coverage. It can also make a difference in how efficiently your claim is processed in the event of a loss.

One factor that varies widely by policy is how much of what an insured currently owns will be reimbursed. If you aren’t sure what your policy covers, contact your insurance agent. Additionally, the property of college students living outside their parents’ home in off-campus housing is often not covered on a homeowners’ policy, so consumers should consult with their agents about whether they need renters’ insurance to cover their collegiate children’s belongings.

Some essential items to include in a home inventory are electronics, like computers, laptops, tablets, e-readers, smartphones, and televisions; clothing and accessories; housewares and other home appliances, including kitchen appliances and sporting and other hobby-related equipment; and other valuables (jewelry, art work, collectibles, etc.), some of which may require an addition (known as a “rider” or “floater”) to a standard policy. A home inventory list is also a good way to keep a record of important documents, including birth certificates, passports, social security cards, etc.  Keep track of account numbers and any other information you may need in the event of an emergency.

Many technology-based resources now exist to ease the burden of this vital task. Thanks to smartphones, it’s easier than ever to narrate a video and/or take still photos of the interior of your home to accompany your inventory list. Once the list has been created, it should be updated regularly, and updating it should take less time than creating it did. Here are a few of the resources that exist to help you create a home inventory of your own:
 
National  Association  of  Insurance  Commissioners  (NAIC)’s app – This free smartphone app is available for Android and iPhone devices and enables consumers to make lists of their valuables, update said lists, and provide easy access to lists after a disaster. Using the app, consumers can store photographs/videos, descriptions, bar codes, and serial numbers of their valuables,  and all the information can be organized by room. For people who don’t use smartphones, the NAIC also offers a downloadable checklist that can be used to create a home inventory list. Both can be found at http://home.insureuonline.org.

Insurance Information Institute’s (III) Inventory app – This free smartphone app is available for Android and iPhone devices and enables consumers to add rooms, items, and photos or videos. It also synchronizes with Web-based software and can therefore be used anywhere via smartphone or computer. For people who don’t use smartphones, the III also offers a printable list, which is sorted by room and is a good way to start thinking about what needs to be inventoried, whether you use this list alone or in conjunction with one of the many available home inventory apps. The printable list can be found at http://www.knowyourstuff.org.

XXXXXX Insurance Agency is a member of the Professional Insurance Agents of Wisconsin

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Posted by on in Press Release

Home Inventories Ensure You are Fairly Compensated For Losses –
And There’s an App for That

MADISON, Wisconsin (January xx, 2015) – While no one wants to dwell on the negative, disasters such as fires, floods, tornadoes and other severe storms do occur in Wisconsin. Your best defense is to be well prepared. A key step you can take toward being prepared is creating a home inventory, which will help you get reimbursement from your insurance company for any lost possessions.

“When you don’t have a home inventory and try to reconstruct what you owned, it can be quite a challenge," says name, title, your agency or company. (Add a line to two about your company/agency.). "It’s very possible to overlook or forget things, so you may get less of a settlement than you would if you had an up-to-date inventory."

Creating an inventory used to be a challenge, but now, there’s an app for that. These apps are easy to use and often backup to the cloud, so you can access them when needed. While most of the programs listed are free, some do have a cost and that is noted.

Here are a few options for your review:

  • Know Your Stuff Home Inventory - This home inventory app from the Insurance Information Institute backs up your data to the cloud, for ensured access if disaster strikes. The program is available for desktop, but also has an app for iPhone® and Android phones. Using the app, you can modify or add to your online inventory—and easily add photos directly from your phone. The program and app are free: www.knowyourstuff.org.
  • MyStuff2 Lite - Keep track of everything from your electronics and appliances to your jewelry and movie collections. Barcode scanning and Amazon integration is included. This is only available for iPhone® and the free version limits you to 15 items. For $8.99, you can upgrade to the Pro version, which has no item limit. It is available on iTunes®.
  • NM Home Inventory – This software captures key information including photos, description and receipts. It can be used in conjunction with a desktop version, as well. This is for Android phones and it is free. Find it in the app store.
  • Encircle - A home inventory tool that allows homeowners, landlords and property managers to efficiently inventory all of their properties. It is easy to update and manage inventory using a smartphone, tablet or the web. This application is free and can be found online: encircleapp.com and in the app stores.

“Another good tip is to check with your local, independent, professional insurance agent before you start your inventory. Your agent can tell you whether your insurance company has any specific reimbursement requirements and whether they offer an app that you can use,” noted last name.

“Your agent can also advise you about expensive or rare items such as your grandmother’s diamond engagement ring, pricey electronics, a piece of artwork or collectible that may exceed the limits of standard homeowners or renters insurance. To ensure this property is protected, you may need extra coverage, called a rider, that covers the true replacement value of these items,” last name explained.

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Professional Insurance Agents of Wisconsin
6401 Odana Road | Madison, WI 53719
Phone: (608) 274-8188 | Toll Free (800) 261-7429
Fax: (608) 274-8195 | Toll Free (866) 203-7461

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