When purchasing property insurance, one of the hardest questions to answer is “What value would you like to insure your personal property for?” It is important to estimate the value of your personal property accurately to ensure peace of mind in the event of a total loss. The most overwhelming feeling after losing everything in your home is trying to remember everything you once had.
Here are 7 simple tips for how to inventory the personal property in your home:
- Use a smartphone application such as; Sortly.com or Nest Egg to organize your home inventory digitally. These applications allow you to record the contents in your residence room by room.
- Take photos of each room and their contents which will provide a visual memory of the items in the room as well as showing for proof of ownership. Upload the photos to a cloud based storage system.
- Moving is a perfect time to inventory your personal property as you are touching every item you own as you pack. Keep a spreadsheet handy to add to the list as you are packing. Store this spreadsheet on a cloud based storage system.
- Scan receipts for proof of purchase and store in a cloud based storage system with your inventory list.
- Register items if available with the retailer
- Take videos/photos and store in a cloud based storage system.
- Scan the covers of any manuals you may have. These can be used for proof of ownership. Store these in a cloud based storage system.
With any of the tips above it is important to update your inventory list on a yearly basis as well as your Insurance Broker to ensure you have adequate insurance coverage. As well as keeping a copy of your documents on-line, these can also be stored in an offsite location as an extra copy just in case!