5 Reasons to Have a Home Inventory List
5 Benefits of Creating a Home Inventory
Every homeowner carries some form of homeowners insurance however 59% do not have a home inventory.
1. Stay Properly Insured
Most insurance holders do not realize they are under insured. Without a current home inventory of both the fixed assets and personal possessions, your insurance company does not have an accurate policy. Homeowners tend to make home improvements and buy more possessions in their home that increase the value but do not update their current policy.
The 10 year average of home improvements is $24,320 in completed kitchen remodels and bathroom remodels that are not documents with insurance companies. Rebuilding cost up per year is 7%, leaving homeowners under insured for rebuilding their home. 59% of people who have an inventory have not updated it with new possessions.
2. Receive Claim Reimbursement
Approximately $60 billion in property damage was incurred in 2012 due to disasters. Not having a home inventory outside of your home increases your risks when water damage occurs, wind, theft, fire, or other natural disasters. 370,000 home fires occur each year with an average of 1,040 homes each day.
3. Make Needed Maintenance and Repair
Taking a routine inventory of your home each year can help to remind of items that need repairs such as appliances, equipment, landscaping, and building materials. Typical annual maintenance costs can run 4% of your overall home value.
4. Moving List
Having a home inventory can also serve as your moving list if you relocate. Take photos and estimate values because it is important to account for these items before, during, and after your move.
5. Estate Planning
A home inventory list can also serve as your estate assets and distribution of them. It is important to account for not only the financial value of your items but the emotional value associated to family members.
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