Having a property insurance inventory list not only helps the insurance company give you a more accurate replacement value for your personal property. But you will be assured that you remembered everything you own. This can be hard to do when it is all gone.
How to Make a Property Insurance Inventory List
The first step is to take a few minutes to list everything you own. It may be easier to start the list in categories such as furniture, clothing, personal items, jewelry, etc. Next, you will want to give an estimate of what it would cost to replace the items on your list. In making the estimate keep in mind that some things appreciate in value while others depreciate. Clothing is something that would depreciate. A jukebox is something that would appreciate in many cases. The most used method by insurance companies to calculate the value of personal property that has depreciated is to subtract the estimated depreciation (the dollar amount the property has decreased) from the current cost. Here are a few more tips when taking an inventory of your personal property: Keep sales receipts. Attach them to your personal property inventory list. Keep a video inventory or photographs of your personal property as well as an inventory list. List any serial numbers that may be on your personal property. Engrave your own serial number into items that are of value. Keep your personal property inventory list, along with photos and/or inventory videos, in a safe place away from your home such as a bank lockbox.
