Why You Need to Make a Home Inventory

How home inventories help you manage your homeowners insurance.making home inventory

As a homeowner, there are certain responsibilities that you need to take care of.  One of the important things that you need to do for your home is create and regularly update a home inventory.  However, because creating an inventory means documenting every item that you own, many you may want to put off this task as long as possible.  While this may not seem like a big deal, failing to create an inventory can cause problems with your homeowners insurance.  Here’s why it’s so important to have a home inventory.

Home inventories are a log of all your possessions and their value.  Homeowners are advised to create a home inventory before they start looking for insurance because it helps them determine how much personal property coverage they need from their policy.  If you do not know how much your belongings are worth when you select a homeowners insurance policy, then you risk securing insufficient coverage.  This means that you may have to cover the cost of replacing or repairing your possessions after a claim event.

It’s also important to have an updated home inventory because, in an emergency, it can serve as a guide to help you identify all the items that were damaged or lost.  For instance, if your home was partially destroyed in a fire, then you can use your inventory to figure out which belongings were lost in the fire.  This, in turn, helps you file an accurate insurance claim and ensures that you get all the compensation you need to replace or repair your belongings.

This is why it’s so important for homeowners to create an inventory of their belongings.  Do you have additional questions about your home inventory or homeowners insurance?  If so, then contact the experts at Miller Carlisle Insurance Services.  Our dedicated team is eager to assist you with all your coverage needs today.