A loss of personal property is tough, but taking steps prior to a loss can reduce its impact and your stress level. A personal property inventory list will simplify the claims process helping you recuperate covered losses sooner.
Creating your list is simple. Here are some tips to get you started, along with a downloadable NJM Inventory List.
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Develop a list of categories for your belongings. Standard categories include furniture, clothing, entertainment and tech, jewelry, and collectibles. Tailor the categories to suit your needs and consider adding a “miscellaneous” group.
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Record an estimated value with each item. Keep in mind that assets can appreciate or depreciate in value over time.
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Gather receipts or appraisals to show proof of purchase and value. If you’re an online shopper, save your receipts to your computer.
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Take photos (or videos) of your items and save them to a cloud or external hard drive. This will provide visual evidence of your belongings and include product details that may not appear on your written list.
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Include assets that are covered, but not stored in the home. Items kept in a storage unit or in your car (like golf clubs) are covered by your homeowners insurance, subject to certain exclusions and special coverage limits.
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Update your list annually or any time you make a big purchase.
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Keep a copy of your inventory list, receipts, and digital files at a location outside your home (like a family member or friend’s house) just to be safe. In addition to assisting the claims process, a detailed inventory list can serve as an asset to confirm you have the appropriate coverage when you renew your policy each year.
The Benefits of a Digital Inventory List
Creating a digital inventory list is a great idea. It’s easy to manage, takes up little or no space, and is simple to update. Taking photo and/or video footage of assets in each room will assist in recalling, and providing evidence of, your personal property.
Here are more benefits to creating a digital list:
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A digital inventory can include more than photos and videos. Word documents, PDFs, and scans can also be kept in a digital folder, all of which can be easily accessed, rather than searching through a desk, boxes, or filing cabinets.
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You can share your list with a trusted family member or friend. When an event occurs that results in a loss, such as a fire or burglary, the conditions are likely to become chaotic. An individual who has access to your list and is not impacted by the loss can be very helpful.
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If you’re more comfortable keeping a hard copy of lists and receipts, a digital inventory list can serve as your back-up. So don’t delay any longer. Create your personal property inventory list today to ensure your items are accounted for tomorrow.
The content on this page is intended for informational purposes only. It is not an insurance policy, and does not, in any way, replace or modify the definitions and information contained in individual insurance policies. Terms and coverages may vary by state, and exclusions and deductibles may apply. Coverage for an accident or loss is subject to the terms and conditions of the insurance policy applicable to a particular claim.
