Why you should have a Detailed Record of your Contents

I need to ask you an important question.  Do you have a comprehensive and accurate records of your personal property?

There are two important reasons to keep a detailed record.

First, you need to be sure that your homeowners or tenant policy shows an accurate value of your contents, including valuables, cutlery, clothing and expensive electronic equipment and furniture.  It’s very easy for your insurance coverage to get out of line with the real value of the things you own and use.

Second, if your contents are lost or damaged, the more information you have on those possessions, including serial numbers and receipts, the smoother the claims process will go.  This will also ensure that you include everything in your claim.

In today’s day and age, the quickest and easiest way you can do this is to make a photo or video record.  With digital cameras, it costs very little to go around your home snapping lots of photos.  This can act as proof of ownership and also remind you of what you have.

You can take close-ups of small items like CDs and DVDs, serial numbers, collectibles and electronics, etc. as well as general shots of entire rooms.  However, make sure you back up the memory card or disk and store a copy at the home of a relative, or in a safety deposit box.  A burglar may want to take it but a fire could destroy it.

You can update this record as you acquire new property, always making a note of serial numbers and costs or valuations.

It is best to scan and store the information digitally.  Scanners are inexpensive and easy to use, or you can use your camera or smartphone to photograph receipts.  You can also download inexpensive inventory apps for iPhone and other systems.  If you prefer, you may contact our office and we can email a checklist to you.

The final important part of this process is to check with us to ensure you’re properly protected against loss.  It’s not just the value that’s important but also the coverages.  Insuring to the replacement cost, or the cost to buy everything new, will ensure you have enough protection in the event of a loss.  It’s important to note high value items; some of these may not be fully covered without an additional endorsement.

Give our office a call at 204-452-4913 or email to info@pembinainsurance.comeven if you haven’t completed your inventory, it would be good to discuss insurance protection.