Be Prepared for Emergencies with a Home Inventory

Be Prepared for Emergencies with a Home Inventory

In the event of damage to a residence, the property owner has the burden of proving the existence of any contents which were damaged or destroyed, and the value of that loss. Thus, there is a need to have an accurate and complete inventory of the contents of one’s home.  It is usually far easier to prove the loss of a building and its value than it is to prove the loss of the contents of that building.  Having represented a great many homeowners  in  suits against insurance companies for property damage, I know that having an inventory of the contents, including  pictures or videos of the contents, is a very valuable thing to have should you ever have to attempt to recover damages from an insurance company for the loss of the contents of your home.

With hurricane season approaching, now is the time to take an up-to-date inventory of your household items for insurance claims later.  Such an inventory will help you substantiate damaged or missing household items in the event of an insurance claim dispute.  It will also give you peace of mind, knowing that you have an accurate list of household valuables available at your fingertips.

Compiling a home inventory is not as difficult as it sounds.  However, it should include a detailed account of your possessions, complete with accurate descriptions, photos, videos, estimated values, dates of purchase and receipts, if you have them.  Anything that can provide proof of ownership and condition prior to loss will be to your advantage when filing an insurance claim.  Insurance companies have a tendency to underestimate the value of a home’s possessions. So, it’s well worth the extra time and effort it takes to compile such a list.

Inventory Help Available

If you need help, many insurance companies provide free, printable inventory checklists available on their websites. Home inventory software programs are available, making it easier to catalogue your possessions and generating reports when you need them.  There are also web-based home inventory management services that let you store your home inventory online for 24/7 access. 

Keep a Copy Offsite

Whichever home inventory system you choose, it’s very important to keep a copy of the list offsite.  In a disaster, your home inventory list can be destroyed and you’ll lose pertinent information when you file an insurance claim.  Consider keeping a copy in your bank’s

safe-deposit box, sending a copy to a friend or relative, or keeping the information stored online.  However, make sure you have a hard copy available at all times to be updated periodically, especially when you purchase a new, expensive item, such as an HDTV or jewelry.  

For more information about insurance preparedness, contact the Law Office of Stuart R. Michelson, toll free, at 1-866-563-6100 or smichelson@smichelsonlaw.com.