It’s surprising that nearly a third of Canadians with home insurance never take inventory of their property. If you ever do need to submit an insurance claim, it’s always useful to have an available inventory list of the valuable items in your home.
No matter what your living situation is, it’s important to take a personal inventory of everything you own. This list can include items such as furniture, jewellery, money, collections and/or electronics, to help you replace or repair the damage and return your home to its previous state.
Here are four tips to keep in mind when it comes to the stuff you own and your insurance policy:
1. Update your inventory list a couple of times a year, going from room to room and describing everything in as much detail as possible.
2. Keep your list stored in a safe place outside your property – such as a safety deposit box – or store it in the cloud to access anywhere.
3. As you make high-valued purchases or renovate, keep all invoices, receipts or appraisals, take photos or videos, and note make/model/serial numbers to ensure you have the necessary information for submitting a claim.
4. Having an inventory list prepared will make it easier to submit a clam in the event of a fire. It will help you and your claims agent figure out what to do next with your home and possessions.