As a renter, your protection priorities are different from that of a homeowner, just like your insurance needs. That’s why knowing how to create a good home inventory list is important, when it comes to choosing the right renters insurance. While you can enjoy the freedom of knowing that things like property maintenance aren’t on your plate, protecting your personal property is at the top of your list when it comes to your renters insurance. That’s why the experts at Lifetime have decided to kick off our handy renters insurance guide with a crash course in creating your home inventory!
What Should Be Included in a Home Inventory?
Perhaps one of the most overwhelming parts about creating your home inventory list is narrowing down your focus to the items that are most essential to include. A helpful hack you can use to get started is simply asking yourself: What items are irreplaceable/sentimental? What items are high-priced items? You’ll want to make sure that your most sentimental things are included in your renters insurance policy, as well as your high-value items that are worth more monetarily.
1. Choose Your Method
In today’s world, there’s an app for everything – and your home inventory is no exception! If you have a smart phone, there are plenty of apps you can explore that can help you make detailed lists of all your personal belongings, while adding photos and videos to each item. However, if you’re of a more old school mindset, a handwritten description of your belongings will suffice!
2. Tackle Your Valuables First
As a general rule of thumb, it’s always a good idea to start your home inventory off by documenting belongings of the highest sentimental value and items with the highest monetary value. Along with detailed descriptions of these valuables, be sure to include some photos and even videos, if you can. This will only hasten the claims process down the road, if your valuables are damaged or stolen.
Need to Add Some Coverage?
If you’ve made a recent big purchase, you’ll want to make sure that item is covered under your plan. Our pros can help you explore all of your add-on options!
3. Consider Using a Spreadsheet
When it comes to taking inventory of your most prized possessions, no detail is too small. For documenting these items, it’s always a good idea to include serial numbers, make, model, and the purchase price and date. If you have access to Microsoft excel or a similar program, make a spreadsheet to easily organize these details.
4. Take Your Home Inventory with Video
So, now that you’ve thoroughly catalogued your most valuable belongings, it’s time to dive into everything else! To save the time and headache of sifting through everything you own, you can take a video of your belongings, room by room, zooming in on items and relevant serial numbers. If you ever need to file a claim, you’ll be glad to have this digital inventory.
5. Talk to Your Insurance Specialist
Having completed your home inventory, you can now review your high-value items with your insurance specialist. If you need to insure things like jewelry, fine art, or firearms, you may need to schedule an additional rider to procure the adequate level of coverage required. Your insurance specialist can make sure you’re choosing the right add-ons.
6. Keep Your Home Inventory Updated
So, you’ve put in the hard work on your home inventory and you’re reaping the rewards with the perfect renters insurance plan. But, your coverage will only be effective if you keep your inventory up-to-date. Make it a habit to document receipts of large purchases, so your plan continues to cover what matters!
After You’ve Completed Your Home Inventory…
Much like your home inventory, building the perfect renters insurance policy is an art form. At Lifetime, we understand that no two renters are the same, and their policies should be just as personalized. That’s why we take the time to learn about your needs as an individual, so we can build you a plan tailored to your lifestyle. Ready to find your ideal coverage? Visit our site or give us a call at (972) 771- 2622.
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