Household Inventory Record

The importance of creating a Household Inventory Record

Moving is never a fun process, however it is a great time to conduct a personal inventory, creating a record of all personal belongings, so that if you ever experience a major insurance loss you will know what you owned. During a move you have access to all of your belongings, even the items stuffed back in a deep dark corner of the attic, so it is a great time to document your stuff.

Remembering all of you possessions can be very difficult unless you have a photographic memory. I am sure you can provide a the make, model, and size of your TV, a good general description of your living room couch, and bedroom furniture, but can you provide a complete inventory for the second drawer, to the left of the stove in your kitchen and a list of all of your Christmas decorations? If you lose everything, or even a big portion of your personal belongings a person property inventory will make your life much easier. A personal inventory gives a claims adjuster a very clear picture of what you had, makes it easy to determine a value, and ultimately will help you get your claim settled quickly & accurately.

Taking pictures of your entire household belongings is the most efficient way to create a record your belongings. Take pictures from several angles in each room and don’t forget to open closet and cabinet doors as well. We have provided an example of what a good personal inventory looks like. Once you have taken the pictures make sure to keep at least one copy of the images at another location such as with your insurance agent, relative, or in your safe deposit box.

Whether you are moving or not, having an up to date personal inventory just makes good sense. It may be an invaluable use of your time if you ever suffer a major loss.

2 Minute Video on creating a Home Inventory

More info on creating a Home Inventory from the Insurance Information Institute

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Condominium Insurance

Condominium Insurance

As a condominium owner, the first thing you need to know about insurance is that you will need two policies to be fully protected. The master policy protects the common area, general structure, and provides liability protection for the association. The master, or association policy is typically paid through association dues. Your lending institution will most likely verify that the master policy coverage is in force before securing your loan, however only rarely will they require proof of a personal condo policy.

The biggest insurance mistake most condo owners make is not realizing that they need a personal policy in addition to the master policy. While the master policy protects the overall structure it does not cover losses to personal belongings, improvements made to your unit, such as a remodel, or for damages from an accidental loss, which you become legally obligated to pay (liability protection). A common misconception is that the master association coverage extends to protect improvements throughout the condo. In many cases the association insurance stops at the exterior walls – making you responsible for all finishes, including appliances, fixtures, and interior walls. A professional insurance agency can help you review your association coverage, determine what the association policy covers, and place coverage for your personal protection needs.

A few key elements your personal condo coverage should provide:

• Personal Property Protection – Insurance for items such as furniture, clothing, and other personal belongings.
• Building Property Protection – Protects improvements that have been made to the unit such as upgraded kitchen cabinets, appliances, and fixtures.
• Liability Protection – Protects for damages you are legally obligated to pay, such as bodily injury and property damage lawsuits.
• Additional Living Expenses – Pays for reasonable increases in living expenses if you condo becomes uninhabitable. This is important coverage as eating out and hotel costs can quickly add up to thousands of dollars.
  
  More condo insurance information
  
  More condo insurance information from the Insurance Information Institute