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

Higher loan limits have just been announced for 2018.  This is great news for anyone looking to purchase a home in the coming year.  It is not yet confirmed that FHA and VA will increase accordingly, but most likely they will.  If you are currently in escrow and/or closing after…
Read More of the post Loan Limits Increased For 2018

For some buyers, they may want to purchase a multi-family residence so that they may have renters pay for some of their mortgage.  Some possible problems to this scenario may be renovation costs or even vacancy issues.  A multi-family residence that needs work can be financed using a 203k loan,…
Read More of the post 203K Loans For Multi Units

HomeBridge Financial Services serves the lending needs of home buyers, real estate professionals and builders across the country. Part of that service involves offering a variety of products that fit an ever-growing pool of customer demand, including jumbo financing for primary, secondary and investment home purchases. This versatile loan program…
Read More of the post Life is not one size fits all, so your mortgage shouldn’t be either.

There's no denying their beauty, but if these plants are ingested, or in some cases merely touched, reactions can range from discomfort to death. It pays to know these potentially poisonous plants, so you can keep children and pets safe around them. Foxglove is used as an ingredient in some…
Read More of the post 11 Poisonous Plants in Home Gardens