Taking a Home Inventory is Worth the Effort
Organizing a home inventory for your insurance company may seem tiresome and tedious, but knowing the value of what you own can help to determine how much home insurance you need in order to give you the right financial protection. You might be especially happy you put in the effort if a fire or natural disaster were to hit your Long Island home.
Following a catastrophic event, it may be difficult to think clearly. Your house itself and your possessions may have been damaged or destroyed, and you might find it hard to recall everything that you own. This is one reason why it is important to organize a detailed home inventory when you take out your home insurance policy. Once you have done your inventory, keep it in an electronic format that can be accessed from a remote location.
According to the Insurance Information Institute (III), a home inventory should include a detailed description of your personal possessions, any appraisals you may have had done, and receipts to show what you paid for things. The III offers free software called Know Your Stuff that you can download to create a home inventory that is securely stored online, and can be accessed from any location. Following a disaster, your home inventory might help you qualify for any available financial assistance. It could also help speed up the claims process for you, as you recover from your losses.
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