Homeowners insurance policies typically limit the reimbursement value of certain items. It falls outside the scope of this article to discuss replacement cost and actual cash value, but for a detailed explanation, refer to our article on recoverable depreciation. – Whether you have “replacement cost” or “actual cash value” coverage. Note: If an item appears on your home inventory list, it doesn’t necessarily mean your insurance company will reimburse you the amount you’re expecting.įactors your homeowners insurance company takes into account include:

Choose the correct amount of personal property coverage you need.

Verify losses on your income tax return.

In addition, a home inventory list might help you: Having a home inventory at hand can make your life a lot easier! If you suffer a substantial loss due to, for example, fire damage or water damage, you might not be able to recall all the items or details thereof you have lost. Some insurers might not automatically require it as part of the claims process but can request it at their discretion.įailing to submit a Proof of Loss form when requested to do so might cause your insurance company to delay or deny your claim.

Most but not all insurance companies require this document after you file an insurance claim. When you file a homeowners insurance claim for personal property, your insurer may require a Proof of Loss declaration – a notarized, sworn statement detailing the losses you suffered and the amount you’re claiming. Most homeowners ( 56 percent) do not have a home inventory, and of those that do, many haven’t updated it in more than a year. Read on to learn easy ways to make a home inventory list for insurance purposes. However, having one at hand can make it easier and faster to claim reimbursement for the loss of your personal property after a covered event. It’s often the last thing on the to-do list of many homeowners. Making and updating a home inventory list for insurance purposes may seem cumbersome and time-consuming.

Easy Ways to Make a Home Inventory List for Insurance

Household inventory list for insurance