Why You Should Create a Home Inventory

A home inventory helps your homeowners claims process go smoothly, which may be the biggest reason to create one.

Your home consists of plenty of items, most are essential while some you may have forgotten about. Regardless, these are your precious items and you value each and every one of them. But how is your homeowners insurance company supposed to know what you have and provide coverage? The answer lies in your home inventory. A home inventory list consists of each item in your house and how much it costs–this gives the insurance company enough information to write your much-needed check for the amount they decide is correct. Here are great reasons as to why you want to create a home inventory.

  1. Help you purchase the right amount of coverage. An accurate list of all your possessions and their worth allows you to have a productive meeting with your home insurance agent when talking about the logistics of your insurance policy. You don’t know how much home insurance you need if you don’t know what you have.
  2. Substantiate financial loss for financial assistance or tax purposes. In order to determine if you qualify for a tax break or financial aid is to substantiate your financial loss. A well-organized home inventory can be an extremely useful tool throughout this process.
  3. Filing a claim becomes easy and saves time. Before insurance companies give you x-amount of dollars for your claim, they need to make sure that you owned everything you are claiming you lost. The best way to do this is by creating a detailed home inventory that states your items, their price, and condition.

Having the right homeowners insurance policy will help you in case of an unfortunate accident. Contact the independent insurance professionals at VGW Walker Insurance in Austin for all of your Texas insurance needs.