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Discussion Starter · #1 ·
Just wondering if anyone has a inventory list for you insurance company. Just of everything you own/prices incase something happens. I've been up since 6 thinking about all that could happen fire flood etc. So do you have one? I was thinking about writing one up then typing it and emailing it to myself. Would you include everything clothes, toys, etc or just bigger ticket things tv, couch, bedset etc.
 

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Keep in mind if you suffer a loss, you will be paid for what you have lost, which are used things, not new things. Generally, insurers don't care what you paid for something, they only care what its current fair market value is.

Make a video of your entire house's contents, and/or take pictures. If you have valuables such as jewelry or antiques, get appraisals of their value from experts, in writing. Place these along with an inventory list in a safety deposit box or keep it at a friend or relative's house. Also keep a copy in your 'go bag', something you can grab on the way out of the house in an emergency. Keep your insurance agent's name and number in there, too.

Call your carrier and ask for their advice about how to prep in case you ever need to make a claim. They may file away your inventory list for you. You should still make additional copies though.
 

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We have actually set up our insurance coverage to be full replacement value, rather than fair market value. So check your insurance policy to be sure.

Otherwise, I agree completely with Spirit Deer's comments and suggestions. When you are making the video, be sure you use audio and go around the room opening every cabinet door and drawer, showing everything in there, including audio notes such as history of the item or anything that makes it unique or more valuable (antique purchased at such and such a place, signed original, new custom cabinetry we installed after we moved in, etc.). Start in one corner of the room and work your way around clockwise (or counter, but be consistent) and be sure to show the upper levels (did you install a new chandelier or lighting in the bathroom?) and the lower levels (did you change out the carpet for hardwood floors?). Go through all rooms in the house including storage like attics, basements, sheds, garage.
 
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Thanks, Marie. I meant to include that you could get a policy with full replacement value, but I forgot. That type of policy may be more expensive though.
 

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Yes, it definitely is more expensive. We pay extra for it.

I did Red Cross Disaster Services for ten years and I worked in the Chemical, Fire and Explosion Group of a forensic engineering firm (the guys that investigate disasters), so I am all too aware of the kinds of bad things that can happen and I have seen way too many homeowners get bit in the butt when they discovered they only had enough insurance to build their house to the 1950s price they paid for it instead of the 2000s price it costs. So, for myself (and my husband absolutely agrees), we consider it money well worth spending for that peace of mind.

Others may be more willing to take the risk of nothing happening and that's certainly their choice. :)
 
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