Linda Shannon-Hills and Ed Ehrman, SBR Neighbors Helping Neighbors and SBR Community Emergency Preparedness
When it comes to preparing for a disaster, most people forget one very important thing. Research shows more than half of American consumers don’t have an inventory of the possessions they’d want their insurance company to replace in case of a fire, theft, or other disaster.
In the aftermath of a fire or other damage to your property, the last thing you’ll want to do is make a list of everything you lost. AAA insurance experts say preparing in advance for an unexpected disaster could mean a faster return to normal life and a speedy claims process. Creating a simple home inventory will help you add up the replacement costs for all your items and can be invaluable in deciding how much insurance coverage you need. Here are five easy steps to create your inventory.
1. Grab your camera or smartphone and take a tour of your home, snapping pictures or taking videos of your valuables. There are also several home inventory apps for your smartphone or tablet that can help with this process. Search the app store for “Home Inventory” to find one you like.
2. Record everything you’d want your insurance company to replace. Don’t forget all the stuff in your closets and garage.
3. Pull together copies of sales receipts and any other documentation. Also note the model and serial numbers.
4. Store your home inventory and related documents in a safe and easily accessible place, including online, with friends or family, or in a safe deposit box. Don’t rely solely on your home computer, which should always be backed up, in case of fire, theft, or a hard drive crash.
5. Add up the replacement costs for all those items to make sure you have enough insurance. Double-check, because not all policies cover the actual replacement costs. Also, in some cases, an additional endorsement may be needed for valuables, including jewelry, cameras, furs, firearms, and trading cards or comics.
You might want to consider a smartphone home inventory app. Many are on the market, so check your app store on your smartphone.
Are you covered? Call your insurance agent to determine what type of coverage you might need.
Information from AAA