Create home inventory now to help with next insurance claim

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Create home inventory now to help with next insurance claim. (KTRK)

All eyes have been on tropical storm Cindy this week. While it's predicted to make landfall east of Houston, it serves as an important reminder that residents along the coast need to be prepared. One thing to consider is a home inventory. It could prove useful if you ever have to put in claim once a storm passes through.

Professional organizer, Julie Hibbs with Squared Away says it's important to document your belongings with a home inventory, no matter what time of year.

"Knowing what you bought, where you bought it, what you paid for it is always great to validate when being reimbursed from insurance" Hibbs told us.

While there are many apps that could help you compile your inventory, sometimes the best method is to just make a list and take pictures.

"Start big with the really big items throughout your home" Hibbs explained.

Start your list with the most expensive items. Be sure to note their make, model and serial numbers.

"Appliances are huge. If they get damaged, you're probably talking a thousand dollars and up for anything you replace" Hibbs said.

Go through each room with your camera and take a snapshot of each item.

"Furniture, sofas and desks. Also the ottomans and chairs in your home is going to add up pretty quickly" Hibbs said.

Be sure to include any expensive art work you may have. Even bedroom furniture and mattresses can add up quickly.

Another important question to ask yourself is what type of coverage do you have?

Farmers insurance agent, Lisa Luna Cabral says it's important for homeowners to know the difference between replacement cost and actual cash value.

"If you have actual cash value, they're just going to pay you potentially what the depreciation cost is" Cabral said.

For example, a 60 inch television purchased in 2012 for $2500, may only be worth $400 today with depreciation. So with a cash value policy, you'll only receive $400.

But if you have a replacement cost policy, you could receive more.

"You go to the store, you look at something that's comparable to what you bought. And then you get reimbursement which is replacement cost value" Cabral explained.

And having that home inventory not only proves ownership of those items, but it can help expedite the claim process as well.

"And that you are the one that has what's called insurable interest on those products" Cabral said.

One more thing to consider when putting in a claim is the cost of your deductible. Just be aware that it may have to be met, before receiving any type of compensation from your insurance carrier.

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Related Topics:
hometropical storm cindyABC13 hurricane guidehurricaneinsurance
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