Here’s Another Reason Why You Should Do a Home Inventory

When disaster strikes your home the one thing that can ease your stress is a big check from your insurance company — one that arrives sooner rather than later. A new study shows how you can help make sure this happens.

A recent survey of insurance professionals by The Hanover Insurance Group showed that homeowners who had done a proper inventory of their valuables got their claims resolved, (and a check on the way), much faster than those who did not have an inventory.

In fact, more than 20% of the professionals polled said that a home inventory results in claims being processed a full 100% faster. This can cut weeks from the time you’re waiting on a check following a claim filing.

According to the survey, the two keys to a good home inventory are item descriptions and proof of ownership. Hanover said this means having serial numbers, make and model — along with receipts or warranty information — for all electronics or appliances. Photos and appraisals should be included for jewelry and collectibles.

Insurance pros also caution that you should not leave out “the little things” such as household items, linens etc. These items often need immediate replacement following a fire or natural disaster, so they should be inventoried as well.

There’s no doubt that a proper inventory can greatly increase the size of the check you get following a claim. After all, having precise information about the value and condition of your valuables gives you a big edge in getting full compensation.

Now we know that your inventory can also cut weeks from the time you are waiting — (while perhaps living in a motel or at a relative’s house) – for a check. That can really help you get on with the job rebuilding your life.