Yes! It is very important that you have a complete home inventory of your personal property before you have a loss. If you were to have a fire that destroys all or most of your home and property, the insurance adjuster will not just hand you a check. They will require that you make a list or inventory of what you lost paying accordingly.
It can be a daunting task making a list of everything you own after a loss, and you may leave many items off of the inventory. Following are some suggestions:
1. Walk through your entire home taking pictures or videotaping every room and closet. If you are videotaping, make comments as you go through the rooms such as what make and model your TV is or when, where and how much you purchased specific items.
2. When you purchase high dollar items such as jewelry or appliances keep your receipts. It is important to remember that insurance companies have limits on valuable items such as jewelry and collections. You should speak with your broker about adding insurance floaters on these items. A floater will cover a specific item or collection for their appraised value, and even broaden the coverage on these items.
3. Finally, do not store these pictures, videos or receipts in the home because they could be lost in a fire. Keep them in a safe deposit box or at a relative’s house so that you have them when you need them.