Protect Your Belongings

Did you get big ticket items over the holiday break?

If you answered yes, it might be time to take another home inventory.

So how do you take a home inventory?

It may seem hard at first to record information about everything you have in your house, but don’t let that put you off. First, decide on a way to make an inventory that works for you. You can do it room by room, category by category (furniture, electronics, etc.), from newest items to oldest or from most expensive purchases to less expensive ones.
– Write everything down in a notebook
– Take photos and save them with the information and receipts
– Use your video camera to walk through your house and describing the contents at the same time
or
– Use the free home inventory tool Know your stuff,

*Remember to store a copy of your inventory in a safe place outside of you home—with a friend or in a safety deposit box. That way you’ll be sure to have something to give your insurance representative if your home is damaged. Also, whenever you make a significant purchase, remember to add the information to your inventory while the details are fresh in your mind.

Completion Tips:

• Include the name of insurer; name of broker; insurance policy number; coverage details; policy expiration date and contact information.
• Walk from room to room cataloguing items. Be sure to include serial numbers if applicable. These could help identify your items if stolen.
• Remember to record items stored in closets, cupboards, the attic, shed or garage.
• The information can be supplemented with a video or photos.
• Most policies limit the amount of reimbursement for theft of valuable items such as jewellery, artwork, coins, guns, silverware, and furs. If you have these items then speak with your broker about purchasing additional coverage.
• Once the list is complete, next to each item include where and when it was purchased; the purchase cost and the cost to replace the item today. You may need to consult catalogues or store websites. You can also total each room to see its overall value.
• Keep a copy off-site to protect it from fire or damage. The best place is a safety deposit box with a second copy provided to your Broker.
• Remember to make changes with large purchases to ensure the information is up-to-date.

After the list has been completed talk to your insurance Broker to ensure you have adequate coverage.

Completion Tips by Insurance Brokers Association of Nova Scotia