![]() ![]() Make sure to account for any valuable items, like an expensive suit or dress, separately.ĭon’t forget off-site items, such as belongings you keep at a storage facility. But for general categories, like clothing, you can provide a count. You’re obviously not going to have receipts for everything you own. A description of each item, including the make and model (if applicable).What should be included on a home inventory list?Ī good home inventory should have the following information: In addition, update your home inventory each spring and advise your insurer of any major purchases to ensure proper coverage. Be sure to keep an online digital back-up, as well. A family member’s home or safe deposit box are also good options. Keeping your records off-site is wise in case a fire or flood damages your property. Maximize your claim payment: You won’t forget any of your belongings.Speed up your insurance claim: Time isn’t wasted trying to make an inventory after damage has already been done.Verification: Helps to prove items listed on a claim did exist.Determine coverage needed: This helps you decide if endorsement riders and/or floaters are needed (for items such as art, jewelry, furs etc.).Know your worth: Keep a list of your items and their value easily accessible.Other reasons to keep a home inventory list are: So, if you need to make a claim, your home inventory will help you receive proper compensation. If your home or rental is damaged or destroyed, it’s important that it has been insured for its accurate replacement value.Īccording to the Insurance Bureau of Canada (IBC), a thorough inventory of your home’s contents and the associated value of the contents will help you and your insurance representative confirm adequate coverage. With flooding and sewer back-up occurring more frequently, it’s crucial for Canadians to be prepared for the unexpected. Severe weatheris on the rise across the country, making it more critical than ever to ensure that your property and contents are properly insured. The amount of coverage your policy provides should allow you to replace all (or the majority) of the contents in your home. If you need to make a claim, your home inventory will help you receive proper compensation A thorough home inventory of your contents and the associated value of them will help you and your insurance representative confirm adequate coverage. The most effective way to determine your needs is to go through your home, room by room, to determine the total value of your things. To know exactly how much coverage you need, you need to know how much you actually have. ![]() Typically, a contents insurance policy covers your possessions up to a certain agreed-upon dollar amount. In short, they exist to pay you partial or full replacement costs (or if applicable, repair costs) of the items in your home that are damaged or lost. This is everything in your home and on your property, including items in your garage and backyard shed. Furthermore, your belongings are typically referred to as your “contents” on a home insurance policy. Policies can differ somewhat, depending on your living arrangements and whether you own a detached home, a condo, a townhome or if you rent. What does it cover?Ĭontents insurance covers the financial cost of replacing personal items that belong to you and your family. Whether you own your home or are renting, it’s important to remember that not all insurance policies are created equal. It is financial protection included in your home policy in case your belongings are lost or suffer damage. Your home policy typically includes contents insurance. ![]() In addition, it can offer coverage in the event that someone injures themselves on your property. A comprehensive home insurance policy includes protection for your personal belongings and provides compensation for damages or losses because of named perils, such as vandalism, fire, theft and more. What is Contents Insurance?Ĭontents insurance is one of the more important investments you will make as a homeowner or as a renter. In this article, we explain the necessity of having contents insurance and list the reasons why you need a home inventory list to protect your belongings. A current inventory of your belongings makes it easier in the event that you suffer a loss and need to file a home insurance claim. As a homeowner or tenant, it’s important to maintain a home inventory for your contents insurance. Unfortunately, if it does happen, you will need to think about it and plan for it beforehand. No one likes to think about the possibility of experiencing loss or damage to their belongings. ![]()
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