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Having to list all your possessions after you lose them all can be a very unsettling experience. In order to prevent such a situation from becoming worse than it already is, it is important to make a proper inventory of each and every item you own. This is also critically important if you want to have adequate home insurance cover.
How do insurance companies compensate for your household items?
Insurance companies generally reimburse you for up to 70% of the contents of your home. When it comes to the type of cover, insurers generally give you a few options, such as cash value or replacement value. To ensure that you get adequate cover, making an inventory is one of the first things you will need to do before contacting your broker.
The best time to create your inventory
The very best time to create your home contents inventory is when you are spring cleaning or moving house. When moving house, all your possessions will pass through your hands anyway, and it will be perfect opportunity to get pictures and descriptions of everything in your home.
How to make a home contents inventory
When thinking about the contents of our home, we usually focus on large, expensive items such as television sets, lounge furniture, kitchen appliances and computer equipment, and we tend to overlook many other items. The best way to make a proper home contents inventory is to scrutinise each room separately. Get a camera and a notepad ready so that you can record as you go.
Don't underestimate the time this can take, your CD collection alone can keep you busy for a good few hours! When it comes to valuable items such as jewellery and computer or photographic equipment, be sure to take photographs along with detailed, written descriptions. The brand names, model name or number and serial numbers of your home electronics should all be written down. If you are not sure of the value of your jewellery items, take them to a reputable jeweller to have them appraised. Make sure you check inside your cupboards, wardrobes, linen storage, desks and drawers as well.
Valuable clothing items such as leather jackets, shoes, handbags and other accessories from, for instance, Chanel or Gucci, should also receive a special mention on your inventory list. Remember to go through your outbuildings such as your Wendy House, tool shed and garage as well. Things like lawn mowers, braai equipment, garden tools, children's bikes, sports gear and pool accessories can quickly add up to substantial amounts that will be very costly to replace out of your own pocket.
What to do after completing the inventory
After completing the inventory, save the descriptions and photographs as well as all your insurance policy documents, warrantees and receipts onto a separate hard drive or onto a flash drive or send them to your own email address or to a cloud storage box for safekeeping. Another way to safeguard this information is by giving copies to friends, family or your accountant, or to put the copies in a fire resistant safe or at a safety deposit box at your bank. Make sure you do a regular, thorough review of your inventory, especially after purchasing expensive new items or if some of the valuable items are no longer in your possession.
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