Home Inventory Update: Make it a New Holiday Tradition

December 11, 2018

With the holiday season underway, people are busy decorating, planning parties, and thinking about New Year’s resolutions. Tradition is one of the things that makes the holiday season so memorable. While homeowners insurance may be the last thing on your mind, below are seven good reasons to add an annual home inventory update and insurance review to your list of New Year traditions:

  1. It’s the ideal time. The holidays are a time for reflecting on the past year and planning for the coming one. Updating your home inventory and reviewing your insurance coverage fits in perfectly with this annual “reset” as you transition into the New Year. It’s also easier to remember if you do it at the same time every year.
  2. It’s easy. With computer software and even smartphone home inventory apps that streamline the process, it’s never been easier to keep a detailed catalogue of your possessions. And a review of your insurance coverage can be done with a simple phone call.
  3. It’s a freebie. It doesn’t cost you anything but a little of your time to review your home inventory, and your insurance agent will be happy to review your insurance coverage with you at no cost.
  4. It’s just as important as other regular checkups. We go to the doctor for an annual checkup. We see our dentist every six months. We have our vehicles serviced regularly. So, doesn’t it make sense to regularly check to see if your insurance coverage is still humming along and keeping pace with your changing life and priorities?
  5. Your life evolves. Is your life exactly the same as it was a year ago? A lot can happen in a year. People have children, remodel kitchens and bathrooms and buy more stuff. And, you may add some big ticket items to your household over the holidays. When you review coverage at the start of the year, you can ensure your new assets are safeguarded.
  6. Rebuilding costs rarely, if ever, go down. If you insured your home for $500,000 10 years ago, it’s likely going to cost substantially more to rebuild today. If your coverage doesn’t keep up with rebuilding costs, you’ll be faced with a costly coverage gap if your home is damaged or destroyed in a disaster.
  7. An inventory makes filing an insurance claim infinitely easier. It’s always a good idea to have a detailed home inventory for insurance purposes. If you need to file a claim, you’ll be in a much better position if you have a detailed list of your belongings, preferably with serial numbers, estimated value, photographs, and any other details about the item. This is especially crucial for high value items. And don’t forget all that stuff in your attic, basement, closets, and other storage areas. Can you imagine trying to compile all this information after a disaster? When you use a home inventory app, all the important details will be saved online and accessible even if your home and important documents are damaged or inaccessible.

The holiday season is a time when many people reflect on things past and pledge to do better next year, whether it’s losing weight, being more organized, or running a first marathon. It's also a good time to improve the protection of your home, your belongings, and your financial security by taking stock of what you have and updating your homeowners insurance.

Contact your Heffernan Insurance agent to schedule your annual insurance review.