The New Year is Here – Time to Review Your Home Inventory & Home Insurance Policy
With the Holiday Season now behind us, January is the perfect time to update your home inventory and review your home insurance policy. If you don’t have a home inventory yet, you’re at significant risk of not receiving what you’re owed when you suffer a loss.
It is estimated that 97% of Canadians do not have a home inventory.
The onus of proof is on you. You’re on your own.
One of the hardest things to do after your home and its contents have suffered damage or loss is to recall exactly what things you own.
No matter what dollar amount you are covered up to, you still bear the burden of proving what was lost, stolen or damaged. That’s where a home inventory comes in. Without one, expect to spend many stressful weeks or months collecting the information required to justify your loss, and hopefully be compensated fairly.
Your home inventory can’t be neglected!
If you have a home inventory, it is important to regularly update it, especially after the influx of gifts that may have arrived in your home over the holidays. When updating your home inventory be sure to include:
- New (or new to you) jewelry and watches, including family heirlooms which might have been passed on to you during the year.
- Electronics including TV’s, computers, tablets, stereos, and mobile devices.
- Antiques and fine art.
- Sports equipment such as golf clubs or composite hockey sticks.
- Silverware and china.
- Collections of coins, stamps, or even firearms.
- Tools and spare car parts.
- Christmas decorations.
The more details (receipts, serial numbers, etc.) that you can include, the better! If you’re not sure how to start or update a home inventory, consider contacting a professional service like HomeGuard.
That beautiful new ring might not be fully covered.
Unfortunately, simply having a home inventory doesn’t guarantee that you will receive full value for a lost/damaged item or avoid suffering a denied claim. Many high value items have coverage limits in standard home insurance policies.
If you have a homeowner policy with a $2,000 limit for jewelry and that new $6,000 engagement ring is stolen – you’ll be out of pocket $4,000 without a Personal Article Floater.
Consider ordering one of our Home Insurance Policy Reviews to learn what your policy covers – and what it does not.
Your Insurance Company Won’t Accept “But It Was a Christmas Gift” in the Event of a Claim.
Regular visitors to my blog already know the many horror stories that Canadians have faced when trying to receive fair compensation from their home insurance companies. Even small mistakes or oversights can cause problems if something happens and you need to make a claim. Please folks, don’t make the mistake of thinking “It Won’t Happen To Me”.
Happy New Year from the HomeGuard Team!
Thank you to all of my readers for an amazing 2016. Please stay protected in 2017!
Larry Hoover is the President of HomeGuard, Canada’s premier provider of Property Inventory Solutions and Home Insurance Policy Reviews. When reviewing a policy, he always finds something that you need to clarify or change. He helps home owners get more money faster when they need to make a claim. Contact him today at 1-800-799-9040 to HomeGuard Your Home.