Get a FREE Quote

Marianne Cipollone, Insurance Broker

Cell: (416)-994-0892

Office: (905)-660-8278


What's New

The Importance of Having a Home Inventory List

Do you have a home inventory list? Most people don’t, but it can prove to be one of your most valuable assets if you ever need to file a home insurance claim. If you don’t have one, or you haven’t updated your list in a while, now is a great time to get started.

“An inventory can save you -- not only in terms of time, but also in terms of how much you'll recover from your insurance company,” says Carrie Mitchell, owner of TWS Home Inventory to Huffington Post.

“A current inventory of your belongings makes it easier to file a claim. Keeping your records off-site is wise in case a fire or flood damages your property. Consider updating your home inventory each spring and advise your insurer of any major purchases,” adds the Insurance Bureau of Canada.

4 Tips to Create an Effective Home Inventory List

Your home inventory list will only be as good as the effort you put into it. It’s important to be as thorough and detailed as possible. Here are some great tips for creating a home inventory list:

1.      Keep detailed records: When purchasing high ticket items, keep the receipts, warranty documents and other paperwork that will provide proof of ownership.
2.      Create a Masterfile: One of the best ways to keep track of your belongings is to create a Masterfile for all your belongings. Using an Excel file, create an inventory list, room by room, for your home. Make note of make, model, size, price, colour, and other details of your items.
3.      Store records effectively: Always keep your records in a safe place. You can keep them in a safe or upload them to a secure online site. It’s also recommended to make copies of all paper documents. You should also consider storing important records, such as government documents, offsite.
4.      Have visual records: One of the best ways to have a record of your valuables is to take photos and videos of them. Photograph all your high ticket items and upload them to a secure online location. Following these tips will ensure you have thorough records you can access should you need to file a home insurance claim. Having this information can significantly simplify the claims process.

When Should I Update My Home Inventory List?

There are a number of ideal times to update your list. You can update it when you move, make a major purchase, or do it annually.

Once you have your list, it’s important to update it regularly. It’s recommended that you update your home inventory list annually when you review your home insurance policy.

Have questions about your home inventory list? Want to learn more about how it can help you when filing a home insurance claim? Contact me directly today. As a home insurance broker in Toronto, I can also help you explore your home insurance options and get a free Toronto home insurance quote.
Posted: 2/18/2016 6:14:49 PM by Marianne Cipollone | with 0 comments
Filed under: broker, home, insurance, toronto

Blog post currently doesn't have any comments.
Leave comment

 Security code