Home Insurance Help: Valuing Your Possessions
When it comes time to invest in home insurance, or make a claim on your home insurance, it’s really important that you know the value of your personal possessions. You also want to know which of your possessions are the most valuable, and take an inventory of the things you own.
Here are some tips for valuing your possessions:
- Keep receipts for any possessions of worthwhile value.
- In addition to receipts, keep warranties and manuals for your more valuable possessions (these can serve as proof of ownership in the future as well).
- It’s a good idea to take photos or video evidence of your most valuable possessions.
- Keep receipts and your personal inventory in a safe place (like a safe or safety deposit box), and review the information each year. The value of most items changes over time so you’ll want to make adjustments on a yearly basis.
Here are some tips for taking an inventory:
- Breakdown your inventory by room: living room, master bedroom, etc.
- For each possession, list: how many, description, cost to replace and the serial model number.
- List all possessions of worthwhile value in each room. For example, in the living room list everything from electronics, decor items, paintings/art, DVDs, furniture, etc.
Here is a sample inventory list for your living room:
- Blu-Ray/DVD players
- Home theatre: speakers, etc.
- Musical instruments
- Video game console
- Video games
If you’re looking for a comprehensive checklist that you can print-off and use for your own inventory, you can download one here from the Insurance Bureau of Canada.