Picture this: one night, you light a candle, put on a pair of old sweatpants and settle in for a comfy evening of catching up on your recorded TV shows. But you suddenly remember that you forgot to pick up your prescription and you need it for the next day. You hastily head out the pharmacy, but while you’re away, your cat gets curious and knocks over the candle that you never blew out in your hurried state. You return to your living room ablaze.
If a detrimental event were to occur in your home, would you remember every single item that got destroyed in the damages? Probably not, unless you have an eidetic memory—or if you had the foresight to create a personal inventory.
A personal inventory is essentially a detailed list of all of your valued possessions and their worth, which streamlines the claims process and informs your insurer of how much you should be compensated for your losses after a covered incident.
To get started, gather a notepad or a laptop (according to your preferences) and a camera. Walk room to room, taking broad pictures of each area. Then it’s time to get more specific. Write down every single item you value; but feel free to skip over those old, worn flip flops or that hideous picture frame that you never liked. Make note of all the information you can find, including the item, its estimated dollar value, manufacturer information, serial number etc. Take a picture of each item on your list and gather receipts for high-dollar items such as a TV or piece of furniture.
Once you’ve completed your list—which may take some time to finish—prep a file with all of the information in one location. It’s best to keep both a physical copy and a digital copy for your records. However, ensure their safety by storing the physical copy in a safety deposit box and storing the digital copy on a cloud drive or in your email inbox. Doing this prevents any home damage from destroying the hard work you put into creating your personal inventory, which is vital for rebuilding after a tough time.
We work hard to keep you and your assets safe. Call Pan American Insurance at (915) 562-0009 for more information on El Paso home insurance.