A home inventory is a fairly-detailed list of the objects in your home and what they are worth. You don’t have to list every single item in your home or storage unit – only the belongings you would like to have replaced in the event of a loss, such as fire or theft.
It’s important to own the right type and amount of insurance on your possessions, whether you own or rent your living space. Homeowners insurance policies help protect a home that you’ve purchased and the items in it, while affordable renters insurance in Georgia will help protect your belongings if you rent or use a storage unit.
No matter your living space, you’ll need to work with an insurance agent to document your belongings correctly via a home inventory. This important document helps ensure you’re as protected as possible if you need to file an insurance claim. Let’s examine some basic information about home inventories and how to create one so that you’re ready to meet with an insurance agent.
What Is the Purpose of a Home Inventory?
A home inventory can help make the process of an insurance claim go far more smoothly. If you do have to file a claim, you’ll get as much money as possible since everything you need to replace will be documented in one easy-to-access, organized location. You may also be able to receive insurance reimbursement for damaged or missing belongings more quickly if you’ve presented the company with an organized, itemized list.
How to Do a Home Inventory for Renters Insurance in Georgia
You can make a home inventory for your renters insurance company by making an itemized list of the belongings in your home. You can utilize an app designed for this purpose or take a video as you walk through your home while speaking about each item. It’s important that you also save any documentation for the items you’d like to insure, such as purchase receipts, appraisal documentation, or photos. Put all of the information together and take it with you when you go to purchase affordable renters insurance in Georgia. Then, be sure to store your home inventory in an off-site location away from your home. This could be online storage, a flash drive left with a friend, or a safe deposit box.
What Should Be Included in a Home Inventory?
As you create your home inventory for your insurance company, be sure to include the following information about each item:
- A clear description of the item
- A photo if possible
- Any serial numbers or model numbers
- A purchase receipt or estimated item value
- Date of purchase
This information will help your insurance company understand the full value of each item that you need to be reimbursed for so they can provide you with an accurate total.
How to Organize a Home Inventory for Homeowners Insurance
First, ask your homeowners insurance company if they need a home inventory submitted in any particular format. If they don’t, then you can organize the information however you’d like. It’s often easiest to set the inventory up either by room or by category. Either method works well; it’s more important to select a consistent method and stick with it throughout the process so that the documentation is easy to understand and follow.
You may choose to go through your home one room at a time, documenting everything of value in the kitchen, living room, study, and so on. You can do this in the form of a list with photographs attached or by recording a video tour of your home as you talk about the items in each room.
Alternatively, you could document the items in your home by category. If you choose this method, you will list out all books, all art, all musical instruments, all jewelry, and so on until you’ve documented everything of value.
You may have specific items that are of higher value than the rest of your possessions, such as specific pieces of art or jewelry. If this is the case, you may want to have them appraised separately, document their value, and consider purchasing a specific rider for each item. Your Georgia insurance agent will be able to help you with the process.
Why Do You Need a Home Inventory?
It’s impossible for an agent who sells affordable renters insurance in Georgia to know precisely what items you’re storing in your rental unless you document the information for them. A home inventory helps document everything of value that you own so that if the unforeseen happens, you’re protected. An average rental insurance policy covers around $30,000 worth of personal property. If you have items that total more than that, an inventory can help you document that for a rental insurance agent. This documentation will also help you as you decide how much rental insurance you need to purchase to protect the items in your home.
What Are Some Tips for Purchasing Insurance?
If you’ve never purchased insurance before, it can seem overwhelming at first. However, affordable renters insurance or homeowners insurance offers valuable protection. As you work with your insurance agent to buy the policy that’s right for you, be sure to utilize the following tips:
#1 – Ask About Discounts: Often, you can pay less for a policy on your living space if you also purchase car insurance or life insurance from the same company. This is called bunlding.
#2 – Choose the Correct Deductible: Assess your financial situation and decide if you’d rather pay more for your insurance upfront or pay a higher monthly premium. Your insurance agent can help you do the math to determine what’s right for you.
#3 – Select Appropriate Liability Coverage: Most home and rental insurance policies include a specific amount of liability insurance. If you need additional coverage for your property, be sure to speak to a Georgia insurance agent to purchase this.