Tips for homeowners: Keeping an inventory of individual possessions

October 2nd, 2014 by admin

Without keeping an inventory of your personal possessions, there's no guarantee that you'll be reimbursed for lost items when a disaster hits your home. However, through documenting your items, homeowners increase the likelihood that their insurance providers can replace lost or damaged items. 

Mahendra Jr. Prashad, an insurance expert, offers the following advice for keeping a home inventory list:

  • Create a comprehensive list: Prashad emphasizes that not only should you list major possessions, such as appliances, electronics and furniture, you should also include other items, including clothing and linens. The Insurance Bureau of Canada (IBC) has a helpful personal property inventory checklist that you can use as a reference.
  • Estimate the market value of your belongings: "Keep bills, receipts, warranties and instruction manuals for your more valuable possessions," the IBC advises. This actual documentation can serve as proof of ownership. It is equally important to estimate the fair market value of your possessions, explains Prashad. 
  • If you have a home-based business, consult with your insurance provider: Most standard homeowners' policies do not cover business operations, which you run from your home. Speaking with a home insurance broker will help determine whether you need separate liability insurance.
  • Update your list regularly: Through frequently revisiting and making updates to your personal inventory list, homeowners ensure its accuracy. 
  • Finally, store your inventory list in a safe location: Homeowners may choose a safety deposit box, storage unit or the home of a trusted relative or close friend. In addition, it is a good idea to store an additional copy in electronic format. 

For more advice about home insurance in New Brunswick, contact Fundy Mutual. We are headquartered in Sussex, New Brunswick, with additional offices in Hampton and Rothesay, New Brunswick. We deliver competitive insurance products, customized to your individual needs.