Skip to main content
Updated date:

Importance of Keeping an Inventory of Your Belongings (Insurance)

Author:
importance-of-keeping-an-inventory-of-your-belongings

When you have insurance, you will be asked to have an inventory of all your belongings. Especially when you are going to apply for insurance in a place where you currently reside whether it may be an apartment or a house you own. You might be wondering why it is necessary for you to do so. The answer is very simple, for you to know how much the cost of your belongings is.

Importance

Why is it important that you know how much your valuables cost? It is because you will be compensated by the insurance company based on this. If ever you get into an accident like a fire, you should at least have an idea of how much you own so that you will know how much you will be asking from the insurance company. Houses usually have fixed prices, but if you have additional insurance coverage for your properties, it will be a very helpful way to determine how much you have lost. It is also a tip that you don’t only get your house insured but the properties in it as well, especially those that are of very expensive costs.

When you do your inventory, make sure that you start with those that are most valuable down to those that are not so. It would be advised that you rank the valuable-ness of the item based on its cost since any sentimental value would most likely not bear any credit.

How Taking Pictures Will Help

When you do your inventory, it will also be better if you take a picture of the things you have. This will not only serve as proof that the product actually existed, it will also make it easier for you to remember what you have.

Once you have missed listing something a photograph of it would be the best reminder. When you store these pictures, be sure that you do not only have one copy. And make sure that the other copies are not inside the same gadget. For instance, your computer has the files, make backup files stored in a flash drive. It would be useless to make a backup in the same gadget since once you lose that gadget both original and back-up files will be lost.

Making an inventory of the things you have is time-consuming and might give you headaches now and then trying to remember which items need to come first. But you have to look at the brighter side too, keeping an inventory will not only help you with your insurance but will remind you of how much tangible things you have already possessed with your hard work. All the more reason to have them insured, you wouldn’t want to lose them in an accident.

© 2020 Sid mark

Related Articles