No one really wants to think about the horror of losing your home and all of it’s contents to a fire.  But it happens.  If you had to remember every possession in your home with their values following a serious loss (like a fire), could you?

Taking some time to complete a checklist, room by room, prior to a loss you can systematically list and evaluate the value of your possessions. In the event of a loss covered by your policy, a checklist of your household items will be a valuable aid in helping you present your claim to your insurance company at a time of great personal stress {Downloadable Inventory Checklist}

Reviewing and updating this checklist every year would prove so helpful. Once completed, store this checklist in a safety deposit box or fire proof safe. Photographs and video are excellent means of recording your possessions and again can be of great value in the adjustment of a claim for loss or damage. Be sure to keep such records and an inventory list in a secure place away from your residence such as in a safety deposit box or with your agent’s file.

We highly recommend that you insure to today’s replacement value for greater protection. Exceptions, of course, are items that have outlived their effective usefulness, some clothing for example or perhaps other possessions that have been consigned to the cottage. These items should be insured on an Actual Cash Value basis (replacement cost less depreciation). Additionally, antiques, fine arts, rare books and objects of similar nature must be insured on an Actual Cash Value basis or scheduled basis for obvious reasons.

Do you operate a business from your home?  There are limitations to your residential insurance policy regarding business property and operations.  If you operate a trade, profession or occupation for continuous regular pursuit of financial gain within your home, your home based business may not be covered! Having another checklist for your business property will be helpful and while you are at it, contact Sentinel Assurance to make sure you have the business coverage you need as well!