With many Ontario residents still "hibernating" now is a good time to take on an indoor project that will save you thousands of dollars in the event of a major loss, such as a fire. Whether you live in an apartment, condominium, or house, why not set aside an hour or so to do a complete home inventory of all your possessions?
With modern technology, this no longer has to be the onerous task of sitting in each room and handwriting out thousands of individual items. Consider doing a "walking/talking" inventory with your video camera. Even small ones, and many smartphones, now come equipped with video, making this task a snap.
Certainly, if disaster did strike most might remember the "important" stuff…the big screen TV, the sound system, appliances, and so on. But, what about the thousands of dollars spent on the smaller stuff? Think about everything that is in your kitchen cupboards, drawers, bathrooms, closets, dressers, shed, garage…. Think you could remember everything just from memory? If you can't, your insurance company certainly won't, and you could shortchange yourself many thousands of dollars!
Walk through every nook & cranny of your home filming and even talking into your camera as you go – "we bought this artifact in the jungles of the Amazon for $100 during our trip in 2009" or "sofa purchased for $1500 at ABC retail in 2008" type thing. You get the drift.
Although the inventory will help you remember your possessions, do remember that insurers may require proof of purchase, especially on major items. This will especially apply for "one of a kinds" e.g. artwork. If you think the value is higher than what you paid for it, some additional valuation proof will be necessary, such as an appraisal.
Following a major fire with severe or total destruction, most are so distraught; the recollection of thousands of household items becomes very difficult if not impossible.
While you are at it, now is a great time to pick up a fire-resistant safe for your most precious valuables or things that are difficult or impossible to replace (like your home inventory video). Imagine losing a lifetime of photographs and negatives or the digital picture files stored on your computer? Ever had to replace your health card, passport, birth certificate? With just a bit of forethought, files can be backed up to a CD, then stored in the safe along with other valuables or important papers.
A bit of planning and forethought, can save you more than immense despair and aggravation, it can save you thousands of dollars!
If you would like a paper inventory guide, we have one available. Just click here and print it.
The Insurance Advisors @ Guthrie Insurance Brokers Ltd
Toronto- (416) 487-5200 – 1-888-310-SAVE (7283)
E & O E