As flooding and wildfires become more of a pressing concern for many Ontarians, it serves as a reminder about the importance of ensuring your property and possessions are properly insured. It is crucial to be prepared in the unfortunate event your property is damaged or possessions are lost and you have to make a claim.
Creating a home inventory will help determine much more precisely the amount of insurance coverage you need and also helps the claims process after a loss. Consider the following steps when creating your home inventory:
Use a checklist to note important information
Get started by downloading the IBC’s Personal Property Inventory Checklist. Review the checklist while walking from room to room, making note of the number of items, the cost to replace, and a serial number if possible. This will ensure that if something happens to your house or your possessions, you’ll have a complete record of your contents.
Creating a home inventory will help determine much more precisely the amount of insurance coverage you need and also helps the claims process after a loss.
Capture your contents on video
Consider adding a video of your contents to provide even more detail, which is especially helpful when making a claim. Go around your home recording your possessions while narrating the details of your items. Pay special attention to your most valuable possessions, as some items may have special limits. If you have any questions about which items are covered by your policy, speak to your insurance Broker. Coverage such as Unica’s LIVEasy Home protection can provide increased special limits for your most valued possessions. Once you’ve created your home inventory, make sure to update it as you acquire or get rid of items over time. Back up the video and checklist to a USB drive that you can keep in a fireproof safe and upload backups of each to cloud storage such as DropBox, iCloud or Google Drive.
Create digital copies of your documents
Collect and scan all of the appropriate documentation for your possessions, especially items that have been appraised at a high value. Store these with the checklist and video you have previously created. Having the following documents may help to speed up your claims process and will verify the items you’ve listed in your inventory:
- Receipts
- Credit card statements
- Warranties and instruction manuals
- Other transaction documents
- Appraisals (include the appraiser’s name and address)
When to update your home inventory
Spring cleaning offers the perfect opportunity to take a look at items you may no longer be interested in keeping and to catalog the items you find valuable. Before planning to move you should take the opportunity to create an inventory in case items are lost in transit. If you’ve raised the value of your home through renovations, additions or purchasing expensive items, contact your insurance Broker and be sure to update your inventory.
