Are You Prepared

By: Brent Hanson

Being prepared to file a homeowners insurance claim:

You may be an established family or you may just be starting out.  Either way, you probably have property that is covered under an insurance policy.   Being prepared to file a claim, in the unlikely event that you need to, will be made much easier by keeping up-to-date and complete records of these items.

Remembering all of your belongings during a time of loss will just add to your stress so the first thing you need to do is list all of your property.   You can list items by category such as furniture, clothing, personal items, jewellery, etc. or by location in your home.

Once you have a complete inventory you will need to determine the replacement value of each item.   When determining this value you must keep in mind the type of item.  Clothing is a depreciate item while some items such as a coin collection can actually appreciate in value.  It is important to add new items to your list.

Other tips for creating a complete inventory include:

o   Attach purchase receipts to your list.

o   Document serial numbers.

Keep a video or photo journal of your possessions

Keep your documentation of property in a safe place such as a fire-proof safe or lockbox at your bank.

Completing this inventory will give you a starting place should you ever need to file a claim on your insurance.