![]() ![]() Food in pantry, freezer and refrigerator.Pots and pans and other kitchen equipment.* Denotes those items which are more likely to need to be specially insured. Document All Specially Insured Items CarefullyĪny items that need to be specially insured should be documented carefully, after you make sure you have insurance coverage for them.ĭepending on their value or their uniqueness, you also may want to have the item(s) officially appraised. Gather Copies Of Receipts For Big Ticket Items If You Have ThemĪfter taking pictures and/or video for your household inventory, you should gather copies of any receipts for big ticket items you have, such as for the purchase of your washer and dryer. ![]() If you don't have the receipts anymore, don't worry about it. You Do Not Need To Estimate Values Of Each Item Unless You Want To Just remember in the future, as you purchase additional larger items for your home, to keep a copy of your receipt and place it with your home inventory. I think this is a big waste of time, except for specially insured items which I mentioned above, for the following reasons: Most insurance companies, when they suggest you create a household inventory, add a space for you to fill in the value of each item. We are not professional appraisers, so we are bad judges of an item's value.#TWO REASONS YOU SHOULD COMPLETE A HOME INVENTORY. The insurance company will not rely on your estimate anyway.What may be an accurate estimate one day may not be the next.Īn item's value changes depending on its age, condition, and many other variables.We may either severely overestimate or underestimate something's worth. They have sophisticated computer models which spit out this data for them. Having said that, you may want to estimate values for your own use, to determine if you have enough insurance coverage. If you have a policy maximum which will only pay half of your estimated value, for example, you should consider buying more coverage. Store Two Copies Of Your Household Inventory - One Outside Your Home If you do want to do these estimates before you begin you need to find out if you have an actual cash value policy or a replacement value policy. #TWO REASONS YOU SHOULD COMPLETE A HOME INVENTORY. ![]()
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