Homeowners insurance covers the cost (minus deductible) of repairing or replacing your home if it’s hit with a disaster. It also covers the cost to replace the things in your home that were ruined. The best way to make sure you’re properly compensated for these losses is to make a home inventory—a detailed list of everything in your home, with approximate values.

Home inventories aren’t just for wealthy people. Ordinary folks own lots of things that cost way more than they realize to replace. Think about the cost of a new bed—headboard, footboard, frame, mattress, mattress pad, pillows, sheets, blankets, bedspread. Now throw in the cost of a couple of TVs, your high tech devices, kitchen and laundry appliances, all the clothes in your closets and dressers, and you’re talking thousands of dollars. We haven’t even counted the rest of your furniture, lamps, vases, dishes, window coverings, what’s hanging on the walls, sports equipment, and power tools. After a disaster, you’ll need money for all these things to get up and running again.

Making a home inventory isn’t hard. Take the old school approach and go around your house with pen and paper, noting everything in each room, its approximate replacement value, and take some pictures. Or go new school and make a video with your smartphone, as you walk around the house describing what you’re shooting and mentioning its replacement cost.

There’s also outside help. Some folks prefer working with one of the free or inexpensive software programs and apps available. You can also hire a home inventory company to do the job. This will cost you a few hundred dollars, but could save you thousands in losses. That’s because insurance companies usually won’t dispute claims when an experienced third party did the inventory.

Make two copies. Store one in a safe deposit box or other secure place and send the other to a trusted friend in another part of the country. Take a photo and save the receipt when you purchase new items. Update your inventory annually.

Insurance experts say a home inventory can cut claim processing time in half and makes sure you’re reporting all losses. It’s also a good way to check that you have enough insurance coverage.

If you’re looking to put your belongings into another home, we can help with the financing. Now is a great time to buy a new home, refinance your current one at a lower rate, or fund improvements, with low rates and great financing options. Please contact us any time… Have a great day!

Related Articles

Are you on the hunt for your first home? Rethink what you’ve been told and take a look at these commonly thought of mortgage myths. MYTH: “My credit score isn’t good enough to buy on my own.” REALITY: Credit is the five-letter word most people don’t like to talk about,…
Read More of the post Mortgage Mythbusting: First-Time Homebuyer Edition

As a self-employed business owner, you have a lot on your plate. While running a business and tending to your daily responsibilities, starting the home process might feel daunting. You may have even heard it’s more difficult to secure financing when you’re self-employed – but don’t worry that’s just a…
Read More of the post How to Qualify for a Mortgage as a Self-Employed Professional

If you’re like most Americans, your home will be a major source of your net worth. As you continue to pay your mortgage, you will build equity in your home, which allows for some flexibility in utilizing it towards you and your family’s needs. How do I Build Equity in…
Read More of the post How to Use and Build Equity in Your Home

Eighteen of our Homebridge Mortgage Loan Originators were honored by Scotsman Guide as the top-producing mortgage associates in the country. The Scotsman Guide’s yearly ranking assesses more than 4,500 mortgage professionals around the country and ranks them by overall dollar volume, total loans closed, FHA loan volume, VA loan volume,…
Read More of the post Homebridge MLOs Recognized as Top Originators by Scotsman Guide