Doing an Inventory of Your Belongings in Your Home

It is great that you have home insurance, but if you have a claim such as if there is ever a theft or disaster like a fire involving your belongings, it is extremely helpful to have adequate documentation that indicates what belongings you have. A home inventory serves that purpose, and here is how to complete that. These tips come to you courtesy of Anchor Insurance Agency LLP serving Plymouth, MN.

Make a detailed list

Create a list of all of the items in your home. This can be a handwritten list or one that you type on your computer. If you type it, print it out, so you have a hard copy. Generating this list can be overwhelming, especially if you have a larger home or many items. Inventory one room at a time, or start by listing your higher-value items. By dividing the list completion task into smaller tasks, the process will not be as daunting.

Take photos and videos

In addition to the list you generate, taking photos and videos of your belongings is a great way to document what items you own. Make sure the images you capture are close up enough to the items that anyone viewing the images could see enough detail. Label each photo or video, briefly listing what the item is plus purchase date and value.

Keep it in a safe place

Once you have completed your home inventory, keep your list of items plus photos, videos and any other documentation in a safe place. Keep at least one copy of your inventory away from your house, because if it were destroyed or stolen in a home disaster or burglary situation, you would still have a copy of the inventory at an offsite location.

If you need more information about a home inventory, please contact Anchor Insurance Agency LLP serving Plymouth, MN. We are happy to help.

What Does Actual Cash Value Mean in Relation to Home Insurance Claims?

When a home insurance company is providing you with money to replace goods that you have lost, they base the value of these items on the actual cash value. There are a number of reasons why you may have items that are damaged or missing. There may have been a fire in your home or your home may have been burglarized. Regardless of why, learning what actual cash value means can help you determine how an insurance company values your belongings and determines how much to pay you after you file a claim.

Actual cash value means how much it will cost to replace the items, or how much similar items sell for. For example, if you paid $500 for a couch two or three years ago, that couch is no longer worth $500. You could easily buy a two to three-year-old sofa for $200 to $300. As such, the actual cash value of your sofa would be the $200 to $300. Ultimately, this helps to ensure you get the same item that you had.

If you have valuable belongings in your home, such as expensive jewelry, art work or antiques, you may want to have each of these items appraised and covered separately from your home insurance policy. This helps to ensure that you receive the full value of these items.

If you are in the market for a new home insurance policy in the greater Plymouth, MN area, visit Anchor Insurance Agency LLP. We can help you determine how much coverage you need and put together a policy that fully protects you. Call us today for a free quote or visit our office to allow us to start drawing a policy up for you.