Most Homes Underinsured According to Study
MADISON, Wisconsin (February 4, 2005) - If you don't have a home inventory and your home is damaged or destroyed, you may not be fully reimbursed for the total value of your home's contents.
"To make a claim for damaged, lost or stolen property, you have to show the quantity, description, value and the amount of loss associated with each item," says Ron Von Haden, CIC-Executive Vice President, Professional Insurance Agents of Wisconsin (PIAW). "You should have copies of bills, receipts, or other documents to support your figures. If you forget items or don't have enough information, you may not receive full compensation for your losses," Von Haden adds.
To create your home inventory, Von Haden suggests going room to room and listing each item. "Don't forget to open drawers, closets, and other storage areas/containers," he says. "Be as descriptive as possible. Accompanying photos or a video will help provide accurate details. Also, include a family member in pictures to establish ownership. Don't forget your attic, basement, hall closets, garage, and off site storage areas."
For each item, try to include a description, manufacturer/brand name, model/serial number, date of purchase, age, receipt, appraisal records, current value and replacement cost. The more information you can list before a disaster, the easier your task will be when you're under the stress of a loss. Include small appliances, large appliances, art, clothing, computer/electronics, entertainment items, floor/window treatments, furniture, kitchenware, linens, outdoor items, jewelry, knick knacks, holiday decorations, luggage, etc. in your inventory. Keep photocopies of important documents such as recent tax returns, house title and deed, birth certificates, credit card numbers, account numbers, etc. with your inventory and store the list in a safe-deposit box or at the house of a trusted out-of-town friend or relative.
Update your inventory annually for accuracy and add any new items to the list as you bring them into your home, particularly big ticket items.
