Connie Phillips Insurance Blog

An up-to-date inventory will help insurers in case your possessions are ever stolen.

In the event that you suffer loss of some or all of your possessions through a natural disaster or theft, it will pay to have your items neatly listed in an inventory to help speed up the processing of your insurance claim. Do you have a detailed list of your belongings in case you need to file a claim on your home insurance in Maryland? Residents might like to consider these tips for preparing one.

There are a number of ways to conduct an effective inventory of your possessions. These include using available software programs (like Know Your Stuff), to hiring a professional company to do the audit for you. However if you choose to do the job yourself, as many may prefer, it is important to follow a few basic rules.

Record the description of the item

Itemize what the possession is, for example, television or computer. Give enough detail so that it can't be confused with another similar item in the house. Be thorough, that is instead of recording “computer” try “computer, laptop”, and add the maker's name. Also add the cost and its replacement value.

What's the condition?

Is the possession brand new, old or in-between? Ensure you record the age and condition of the item. Here be careful to describe the wear and tear.

Add the identification details

If the item has an identification number or brand such as a serial number, make sure this is recorded.

To assist you in the event that you need to make an insurance claim after loss or damage, you may want to include photos or videos to your inventory. Purchase receipts can also help you prove ownership and value. Make sure the list is updated if you purchase new appliances or receive valuable gifts. As well as regularly reviewing your inventory, do the same for your home insurance in Maryland. Home construction costs can increase over time, as can the value of your possessions.

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