The holidays are a great time of year, but they can also be a source of stress. Not only do you have to worry about gift-giving and entertaining family and friends, but you also need to ensure you’re taking steps to protect your home and its contents. After all, the holidays often bring with them new electronics, jewelry, and other valuable items that your existing home insurance policy may not adequately cover.
To ensure that your home inventory is up-to-date after the holidays and that your newly acquired possessions are adequately insured, here’s what you need to do:
What is a Home Inventory?
A home inventory is an organized, detailed list of all the possessions a person or family owns in their house—including appliances, clothing, collectibles, electronics, furs, jewelry, etc. Ideally, it should include the cost of the item, a detailed description, make or model, receipts, and a picture or video.
How to Update Your Home Inventory
The first step to ensuring your newly acquired possessions are adequately insured is updating your home inventory. This means going through every room of your house and noting any significant gifts or purchases made over the holidays.
It’s essential to be as detailed as possible when creating this list. For each item, note its serial number (if it has one) and the date it was purchased or received as a gift, as well as take photos. Once this list is compiled, store it in a safe place, such as a fireproof safe.
When to Contact Your Insurance Company
Once your inventory is updated and stored safely away, whether, in a safe or on your app, you will have a better understanding of all your high-value items (electronics, jewelry, artwork). Consider contacting your insurance agent for an insurance review and adding additional coverage—scheduled personal property—to better insure your valuables. During this conversation, ask any questions about updating your policy to understand what type of coverage you will receive if something happens down the line.
The holidays can be stressful enough without worrying about protecting yourself against potential losses due to theft or damage-related incidents. Updating your home inventory after receiving gifts during the holiday season can help protect yourself and those around you by ensuring that any new items are properly accounted for and covered under an adequate insurance plan. Don’t forget—when in doubt, contact your insurance company for advice on how best to protect yourself!