How should I Keep Track of Our Possessions?

Answer:
Yes. A home inventory is an essential tool when

it comes to insurance claims.

First, the home inventory documents everything you own so that you don’t have to rely on memory. You can simply hand over the list and know that you have supplied the insurance company with the information they need in order to reimburse you for your losses.

In addition, the burden of proving your losses is upon you. The insurance company won’t simply say that since you have $50,000 of personal possession coverage you can have a check of $50,000. Instead, they will want to see proof of what you owned before determining how much was lost. Having an up-to-date home inventory provides that proof and makes the entire claims process less stressful.

Finally, a home inventory of all of your possessions is a good way to determine if you are adequately insured. For example, most insurance policies limit coverage for expensive items like jewelry, coin collections, or furs (the list is long, check your policy for limitations). As you inventory your possessions, you may find that you have significantly more of these valuables than your policy covers. When this happens, you will know that you need to purchase special insurance riders to provide the additional coverage.

A home inventory is also useful in aiding police officers in the case of theft.


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