Insurance is one of those topics that makes your eyelids heavy and your head start to nod…until something happens and you need to file a claim. If you had a fire or a break-in at your home, would you be able to tell your insurance company exactly what possessions you lost and what they are worth?
Most homeowner’s policies cover contents up to a specific percentage of the total insured value of the home, according to the Insurance Bureau of Canada (IBC). You can also buy extra insurance for more valuable items.
The IBC and several insurance companies offer online home inventory lists. You can fill out these inventories online or print out the list and do it by hand, and then store the completed inventory in a safety deposit box or a fireproof safe.
The list should include everything that’s in each room, including its cost, purchase date, and serial number (if it has one). Take pictures or video of all of your valuables, including electronics, jewelry, artwork and other prized possessions, and keep the photographic record with your inventory list.
Every time you make a major purchase, keep the original sales receipt, along with the owner’s manual if there is one. These items can serve as proof of ownership.
It is a good idea to update the list annually to reflect new purchases or items that you’ve replaced.
For more information about home insurance, visit www.ibc.ca [REU]