APCIA recommends doing a post-holiday home inventory
Keeping an updated home inventory is an integral part of creating a comprehensive homeowners insurance policy.
According to Mastercard SpendingPulse, 2021’s holiday retail sales increased 8.5% from 2020, with online sales in particular increasing 11% from the previous year. Now that the holidays are over and homes are filled with new gifts and purchases, the American Property Casualty Insurance Association (APCIA) recommends all consumers conduct an updated home inventory to ensure all of those items are all properly insured.
“With more Americans spending money this year on consumer goods, it is important to remember that conducting a home inventory, which would include any new items acquired this holiday season, is a good way to start the new year,” Jeff Brewer, Vice President of Public Affairs at the American Property Casualty Insurance Association, said in a press release. “An increase in purchases of high-ticket items brought into the home this season, including jewelry and electronics, means consumers should have an up-to-date account of valuables in the event of a fire or other disaster. This is also a good time of year to call your insurer or insurance agent in order to review your insurance policy.”
The Insurance Information Institute offers several tips for conducting an efficient and comprehensive home inventory, including:
- List your recent purchases first, then go back and record your older possessions. Be sure to include information about where each item was purchased, the make and model, any serial numbers listed on the item and any other important identifying information.
- Keep proof of value. Be sure to store any relevant receipts, contracts or appraisals with your inventory list.
- Understand big ticket items may need separate coverage. If you have valuable items like jewelry, art, furs and other collectibles that would be difficult to replace, speak to your insurance agent about whether they need special coverage outside of your homeowners policy.
- Take photos, and be sure they’re well-labeled. Having a visual record of the items in your home helps create a more complete home inventory. You could also record a home walk-through on video or utilize apps that help create room-by-room lists of your possessions.
- Store a copy of your inventory outside of your home. You should also create backups of any digital files related to your home inventory.
Most importantly, remember that your home inventory is a living document. Take time to record any new purchases so you are able to put together a policy that continually meets your needs.