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MAIN Arrow to Personal Finance Your Money Arrow to Budgeting Insurance

Insurance Checklist Makes Filing a Claim Easier

Home Insurance Checklist Saves Money
In case of fire, flood or theft,
a detailed record of everything
in your home inventory will
save you timeand money.

If you had to make a claim on your homeowner's insurance, would you have the information you need at your fingertips, or would you be asking yourself “how much did I pay for that sound system?”

Putting together a detailed record of your possessions may seem at first glance like a time-consuming and even dull prospect. While it will take a commitment on your part, it may turn up interesting information and it certainly will be invaluable if you should ever need to file a claim.

One of the easiest ways to document your household inventory is by taking photos of every room (and don't forget the basement, attic and garage). Digital cameras are great for this purpose.

Once you have a photographic record, you need to add the details. For example, keep track of the serial number, make and model of all appliances.

Also, gather up receipts for your big-ticket items such as appliances, furniture, art and jewelry and store them in a safe place. You may want to photocopy your inventory and store a second set of information somewhere other than your house -- with a relative or in a safety deposit box.

“When someone has their life disrupted -- whether through a natural disaster or a break-in, this type of list helps makes the process easier,” says Bryan Murphy, chief claims officer, senior vice president at Farmers Insurance.

“Waiting hours, even days between sending information to your insurer and getting the claim resolved can be frustrating and add to the stress of the experience,” says Murphy.

Around the Web, find out more with related resources on how to document your home and property with tips and checklists on protecting your best loved and most expensive possessions against disaster:

Home Buyers Insurance Checklist

Wells Fargo - Property Inventory Checklist (printable PDF)

 

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