Home Inventory

A Home Inventory & Your Home Insurance Coverage

Among the most important things your Massachusetts homeowners insurance covers is your personal belongings in your home. This includes everything from your dishes and appliances to your jewelry and electronics and the other things in your home. If your home was broken into, or your items were to be stolen, would you be able to replace those items? While we suggest talking to your agent about just how much homeowners insurance coverage you need for your possessions and how much coverage you currently have, there is also something else you can do. When it comes to making sure you have enough MA home coverage, it’s helpful to know just how much you have in your home. That’s why you should create a home inventory.

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What is a Home Inventory?

A Home inventory is a list of all your personal possessions and their value. This record of your belongings can be used by your home insurance to help estimate the value of your loss. It can also be used to help your agent figure out how much homeowners insurance you should have.

Why Should I Have a Home Inventory?

home insurance inventory

If your home were to be the victim of a fire, would you have any proof of that beautiful new TV that’s sitting in your living room? What about the expensive diamond earrings you recently received for your big anniversary? Having a home inventory can do two things for you: 

  • Home insurance can help you recognize higher value items that may require extra coverage
  • They can help you create a record of everything in your home.

Creating a home inventory is one of the best ways to record of everything you have in your home. This can be extremely helpful for insurance purposes if a fire or other disaster were to happen. 

How Do I Create a Home Inventory?

Putting together a home inventory no longer means getting out a piece of paper and pen. You can now take photos with your cell phone or digital camera and even take a video tour of your home. Try to save receipts or proof of purchase for expensive items as a part of your inventory. It can be helpful to reference these in the future.

Make sure that your home inventory is kept in a safe spot. You may want to make more than one copy, keep it in a fireproof box or somewhere outside of your home, like a security box. You can also save a copy to the cloud, or keep a copy at a trusted family member’s house.

Having a video or photos of items in your home is a good way to be able to show what you have and what needs to be replaced in the instance of a fire or break-in. If you are the victim of a fire or break-in, you’re under a lot of stress. Don’t put more pressure on yourself to remember what you need to replace. When you have a home inventory, it makes the process just a little bit easier.

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What Other Insurance Coverage Should I Have?

Your homeowner’s insurance policy will give you coverage for a certain amount of personal possessions in your home. You may think the basic insurance coverage is enough, but when you take a closer look at just how much you have in your home and think about how much it is worth you may find yourself wanting to up your coverage.

Scheduling an Item

To help extend your homeowners insurance coverage, you can schedule your personal property. This is a supplemental insurance policy that extends coverage beyond the standard protection provided. 

home insurance inventoryOther than jewelry, some examples of other items that you may want to schedule are antiques, instruments, and art. Almost anything of high value can be scheduled. You will need a recent appraisal or detailed invoice if it is a newer item. When you schedule an item, you are listing that item on your homeowners insurance with a specific value and paying a premium based on that specific value. This item is no longer part of your personal property coverage after this and is not subject to deductible. This means your personal property coverage can be focused on your more basic items.

What Are Some Items to Look For?

When you are doing your home inventory, in addition to looking for high priced items and keeping a solid list of items in your home, there are other things you may want to make note of. 

  • Look for items such as smoke detectors, central monitoring for fires, and burglary systems. These items may either be required or make you eligible for a discount, depending on your homeowner’s insurance carrier and policy. 
  • Second, you will want to keep your eyes out for any dangerous items. These items include a pool, a trampoline, and pets. It is important to make your insurance agent aware if you have any of the above items in order to get the most accurate quote for the coverage you need. If you fail to tell your insurance agent about these dangerous items, you could be denied coverage when you file a claim!

How Much Should My Home Insurance Deductible Be?

At Encharter Insurance, we don’t just want you to have a home insurance policy, we want to help make sure you have the right home insurance policy. Talking to your agent and  having a home inventory can help us do that. While you’re speaking with an agent, ask them about your current coverage limits or the possibility of adding a specialty insurance policy like jewelry insurance. For the best advice on your deductible and limits, come prepared with information about you, your home, and your budget and give our agents a call. Whether you want to update your current homeowners insurance policy or you have questions about how to go about a home inventory, give Encharter a call! 

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