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INSURANCE LAW - Property Insurance
Related Topics : Auto Insurance . Business Insurance . Disability Insurance . Health Insurance . Insurer's Bad Faith . Life Insurance Law . Property Insurance


Inventory

Tips On Making A List Of Your Home Contents

  1. Make a list of all the rooms in your house: the master bedroom, sitting room,dining room, family lounge, kitchen, garage, etc. These are the main headings.
  2. Go from room to room and under each main heading, make a list of every item in that room such as electrical & home appliances, furniture, jewellery, clothing, silverware, crockery, etc.
  3. For example, under the heading "Family Lounge" : Dell Personal Computer, Sanyo 29' TV, Philips DVD player, Hi-fi, Persian carpet (9' by 6'), furniture, curtains, Yamaha digital piano, Sony Playstation, various CDs, books, etc.
  4. After completing the list, carefully estimate what it would cost you to replace everything that you have listed, new, at today's prices. If need be, go to some departmental stores to check the current prices.
  5. Your estimates will be the basic valuation for contents, but these may need to be adjusted according to the Basis of Insurance that you are going to opt for i.e. whether indemnity, replacement value or agreed value basis.
  6. Make sure that you have catered for price increases as well as new acquisitions. It is better to err on the high side. The final figure that you get can be used as the sum insured for contents. This would have to be reviewed regularly, especially for renewal.
  7. Take colour photographs of valuable items such as jewellery and works of art. Keep the photographs together with their receipts in a safe place.

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