Many Orillia homeowners diligently find the right home insurance policy, but often miss a simple step that could save them thousands during a claim. This step is creating a home inventory—a detailed record of your personal belongings that serves as proof of ownership and value. A well-organized property inventory can streamline insurance claims and help ensure you are properly covered.
This post will explain why a household inventory matters for Orillia homeowners, what to include, and how to document your items. We will also touch on how working with the right insurance professional can help protect your assets.
Why Every Orillia Homeowner Needs a Home Inventory
A home inventory is essential evidence during an insurance claim, especially after a theft, fire, or severe weather event. Following a loss, it is difficult to remember everything you owned, let alone its replacement cost. Insurers require proof of ownership and value to process claims efficiently, and without proper documentation, you might not receive the full compensation you deserve.
This documentation also helps you and your insurance provider confirm you have adequate coverage limits in your Orillia home insurance policy. For many Simcoe County residents, the value of their possessions adds up to more than they realize.
What to Include in Your Home Inventory
To start your list, break down your belongings by category. Think about everything you own, from large items to smaller valuables.
- Electronics: TVs, computers, tablets, gaming consoles.
- Furniture: Sofas, tables, beds, desks.
- Appliances: Refrigerators, washers, dryers, microwaves.
- Jewelry & Valuables: Rings, watches, artwork, collectibles.
- Clothing: Designer apparel, any clothing with value.
- Outdoor & Hobby Equipment: Lawnmowers, grills, sports gear, tools.
- Books: Special Editions, first editions, and the rest of the collection.
You don’t need to document every single item, but high-value pieces should be recorded separately to ensure they are accounted for.
Essential Information to Document for Each Item
For each significant item, aim to capture the following information.
- For Electronics: Note the brand, model, serial number, purchase date, and price.
- For Furniture: Record the brand, style, purchase location, and estimated value.
- For Jewelry and Valuables: Get professional appraisals and take clear, close-up photos.
- For Appliances: List the make, model, purchase receipt, and warranty information.
- For Books: Document rare or collectible editions separately, noting the title, author, publisher, edition, any unique characteristics, and note the cost of what it would be to replace it. For general collections, estimate the total quantity and approximate value.
- For Clothing: Highlight designer or high-value items, including the brand, size, and purchase cost. Group standard clothing items by type and estimate their total value.
- For Artwork: Record the artist’s name, title of the piece, dimensions, medium, and appraised value. Include photographs for reference.
- For Tools and Equipment: Note the brand, type, model number, and any accessories or attachments. Include proof of purchase or receipts when available.
Taking clear photographs or a walkthrough video of your home is an excellent way to supplement your written list. Store receipts, warranties, and appraisals with your inventory in a secure, off-site location like a safe deposit box or a cloud-based digital file.
How an Insurance Broker Can Enhance Your Protection
An independent insurance broker understands the claims process and can offer guidance on proper documentation. A broker can review your completed home inventory to help identify potential coverage gaps in your current policy.
Because an insurance broker works with multiple insurers, they can find policies that accommodate your specific needs. They can recommend appropriate coverage limits based on your documented belongings, ensuring your prized possessions are protected.
Protect Your Belongings Today
Maintaining an up-to-date home inventory is a proactive step that protects your belongings and your financial security. This simple task gives you peace of mind, knowing you have a comprehensive record if you ever need to file a claim. We recommend starting your inventory today and reviewing it annually or after making significant purchases.
To ensure your coverage aligns with your documented belongings, consult with a knowledgeable professional. Contact WMIB today to get a quote for comprehensive home insurance protection.