Writing an inventory of all the things you possess can seem daunting and difficult, though really isn’t that hard once you understand the significance of the list you create. Your possessions need adequate insurance cover, so that in the event of a loss, you can replace those things which are valuable to you with minimal fuss.Going from room to room, take notes of the items, but categorize them so that they come under different headings, such as clothing and small items, electrical items, jewelry, etc., but remember to write next to each item the actual cost and when it was bought.
Electrical items and household appliances
Electrical items can encompass all of the household appliances and electronics equipment such as computers, hi-fi and TV items. With many of these items being costly, attention to detail is important on an inventory, not only from an insurance point of view, but also this enables a householder to give full information in the event of a burglary to enable authorities to try and recover the stolen goods.
Jewelry, works of art and antiques
Be careful to list these carefully, with valuations of the current market value, and to take photographs of the items in question.
Clothing and small items
Clothing and shoes, toys and games, and all the smaller items should be included under one blanket amount, unless any item is of significant value. What many individuals forget is that it costs a great deal to replace even simple things such as tapes, DVDs and ancillary items which should also be added to the list of possessions. Kitchen items would also be included in the blanket amount for smaller possessions. This represents what you possess which is not covered by other categories. In fact, these items have a tendency to change regularly as you acquire more items. Thus the amount allotted should be sufficiently rounded a little higher than cost to ensure that all items are covered by the policy.
Furniture and furnishings
This area should include all furniture, furnishings etc., such as curtains, bedclothes, and every item of furniture which is likely to be damaged in the event of fire. It is wise to have a list of items and prices, together with the date of acquisition, though it should be noted that items of particular value be listed separately so that the insurance cover on them can be adjusted to ensure replacement.
Garage contents.
Many people forget to list those items kept within the garage as being relevant. With the price of tools being very expensive these days, make sure that you include these, and also items used for the garden in your inventory. If the whole house burnt down, these would be lost and should indeed be listed fully.
New for old items
You may be able to acquire special cover on expensive items, so that the cover includes “new for old.” What this effectively means is that even though you pay a little more for your cover, those items which are destroyed in the event of an accident or as a result of a burglary can be replaced at today’s costs.
These listings on the inventory should be as detailed as possible, giving price, when bought, model reference, and even a photograph is useful. In the event of loss, the item can be replaced with an equivalent, rather than an improvement, so having all the details is important. Computer equipment, for example, would be useful itemized into different elements, and a note of configuration made, so that you are covered fully in the case of loss.
The inventory is a useful tool in the event of a claim, and where possible it is useful to take photographs of items and to keep receipts. You will be amazed at the amount of things you own, and how these quickly add up to a tidy sum of money, though having written your inventory fully, will at least be assured that you have taken sufficient measures to protect the things you own against potential loss in the future. Although policy levels differ, a typical total replacement cost covered would be between $10,000 to $25,000 which sounds like a lot of money. The inventory helps the insured to feel secure in the knowledge that they have indeed covered all items which have the potential to be destroyed or lost, giving them peace of mind.