There are many advantages to having a full inventory of personal property, which include making sure the renters’ insurance coverage is adequate, to have an accurate valuation of the property, and proof of ownership, which helps with recovery efforts if anything is stolen.
How to Make an Inventory
Making an inventory is a three-step process, which includes:
- Make a list of everything with its brand, model, and serial number (if any).
- Collect all the receipts or look for a similar item online to determine the value of each item.
- Make a videotape of everything.
Some may feel it is easier to reverse the order of these steps. Making the videotape is really a good idea. Simply walk around the apartment and videotape everything. If you have an assistant to help you, it can be easier because they can hold up the smaller, individual items.
Describe the item and zoom in on each item to get a clear shot of it. Describe the model number and name the brand. If the item has a serial number on it and you can zoom in to capture the number on the video that is a great idea.
If an item has special significance that is not obvious by looking at it, such as a valuable autographed photo or is a family heirloom, describe this on the video.
Make two copies of everything including the video. Keep one copy somewhere that is not in the apartment, such as in the trunk of a car or at the office. The reason for this is if the apartment is destroyed, the inventory information will not be destroyed as well when it is kept elsewhere.
Give the extra copy to your agent at Wellspring Insurance Network Inc. serving Frederick, MD and the nearby area.
Renters Insurance Review
Your agent will conduct an insurance review and make a recommendation of the renter’s insurance that is adequate for your needs. Have this insurance review at least once each year and at any time that something significant changes, such as when you buy a new, expensive item.
Get a quote for renters insurance by contacting your agent at Wellspring Insurance Network Inc. in Frederick, MD by calling 240-848-0355.