Let’s start with a pop quiz: How many televisions do you have in your home? Answering this question shouldn’t have caused you much stress. You can go room by room in your mind and count them up. But what if we asked you for the make and model of each TV, or the combined value of all the televisions in your home? Do you have any idea? Do you even know the make, model, and value of just one of your televisions?
Don’t feel bad if you can’t answer that last string of questions, as more than half of all home-owning or home-renting Americans can’t either. In fact, a 2013 study found that less than 40 percent of homeowners or renters maintain a home inventory of all their possessions, while the rest remain unaware of the value, or even quantity, of what they own.
What this really means is that over 60 percent of owners or renters are unprepared in the event their possessions are stolen or destroyed, and if you struggled to answer the questions above you’re likely among that majority.
The Erie Insurance agents at Foundation Insurance Group, representing the greater Louisville, Kentucky metro area are here to help. Let’s start with a definition. A home inventory is a list of all your possessions, their age, and value. We all hope to never have to use this document, but we’ll be glad to have one if disaster ever strikes.
Let’s say a fire engulfed your home and reduced everything inside it to ash, including the television in your living room. If you can’t prove that the television was 70 inches and cost $2,000, it may be replaced by a 55-inch TV worth significantly less.
Now let’s say you have photos of the television from before the fire, or better yet, the original receipt. If that’s the case, you’re immediately more likely to have that television replaced in full, and you might even receive a newer, better TV.
Are you starting to see the value of a home inventory? It shouldn’t be considered a chore, but rather a lifeline when times are at their worst that will help make you whole again.
However, just as important as having a home inventory is having one that’s thorough and up-to-date. With that in mind, here are some tips for drafting the best possible inventory:
You never know if and when a burglary or natural disaster might happen, and as we’ve recently seen flooding, wildfires, tornadoes and other events can occur with little or no notice. The insurance professionals at Foundation Insurance Group in St Matthews, Kentucky are always here to assist you. We’ll review your current homeowners policy, answer your questions and concerns, and partner with you to protect your home and property. Your belongings are important to you and to us, so do all you can to protect them from the worst this world can throw your way. The task of drafting a home inventory may seem overwhelming and unnecessary, but a small sacrifice of time now can mean peace of mind in the long run.