Do you know if you have enough homeowner’s insurance coverage for everything in your home? If you had to file a claim for a total loss could you list the value of every one of your destroyed possessions? Because the investments that you make in your personal hobbies and homes can have a great influence on your insurance needs, the Nevada Division of Insurance (Division) recommends that you create a home inventory to help make your insurance decisions easier.
“The most important thing our fellow Nevadans can do to protect themselves and their property is to create a home inventory and know the value of everything they own,” said Insurance Commissioner Brett Barratt. “Doing this will help them make important insurance coverage decisions and will improve the claim filing process if the worst were to happen.”
The Division recommends that you take inventory of the possessions in your home. The National Association of Insurance Commissioners (NAIC) offers free resources to help homeowners and renters create their inventory. A home inventory checklist can be downloaded athttp://bit.ly/insureu to help you get started. You can also download the free NAIC myHOME Scr.APP.book app for iPhone at http://bit.ly/myhomenv. The app guides the user through capturing images, descriptions, bar codes and serial numbers, and storing them electronically for safekeeping. The app also creates a back-up file for email sharing. After completing the home inventory, you should talk with your agent to make sure your policy is adequate to cover your property and possessions.
Tips for creating a home inventory
— Start by recording “big ticket” items such as jewelry, art, family heirlooms, collections and electronics.
— Document your possessions room by room.
— Collect copies of receipts and appraisals, including model name and serial number.
— Take video or photos of every possession and document it’s age, current value and purchase price.
— Store your home inventory in a safe, easily accessible place online or in a fireproof box. Consider storing a copy with friends, relatives and your insurance provider.
Courtesty: CarsonNow.com