Tuesday, March 19, 2013

Why I Recently did an Updated Insurance Home Inventory

I recently updated our home insurance inventory. It only took me about ten minutes to do a walk-through video of our home and its contents. This way I have a video recording of our home and the majority of our possessions. I then put this recording in our bank’s safe deposit box where it is safe from fire, flood or theft. While I’ve done this in the past, I felt if was important to update this record for several reasons.

A Relocation
Our recent relocation is the biggest aspect of why I recently updated our home inventory documentation. With our move can a completely new location with different amenities from our first home. Appliances were newer, fixtures were newer, and we have purchased some new possessions for our new home and gotten rid of others. Therefore, I wanted to make sure I not only had an updated inventory of fixtures, furniture, and equipment, but I also wanted a video record of our home so that we could document any changes or upgrades over time for resale or valuation purposes.

An Addition to the Family
Upon the completion of our relocation, we added a new member to the family by way of our second child. As many people know, a new baby can bring with it a lot of stuff. From furniture and clothing to toys and supplies, these items can be worth a pretty penny and be costly to replace if consumed by fire or other loss. This was yet another reason why I thought it would be good to update our insurance inventory.

With the addition of home contents -- either by way of a new baby, an aging parent moving in, children moving back home, new purchases, or whatever -- it can be a good idea to reevaluate the level of insurance carried upon not just a home, but the contents of that home as well.

Increase of Contents Insurance
After considering all the things we would have to replace should a fire consume our belongings, we went ahead and bumped up our contents coverage by another $25,000. And now, since we have this additional coverage, we want to be able to use it should the situation call for it. If something happens, we not only want a record to prove our case (should it be necessary) to the insurance company, but for our own memories’ sake as well. Trying to remember all the stuff we had, after it has been consumed by a fire or lost to theft could prove difficult, and it could have us leaving out certain items and failing to be reimbursed for them. Therefore, our updated inventory can help us ensure that we not only have documentation for but remember all the items we had -- from fixtures to furniture and everything in between -- before they were gone.

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