Benefits

What are the BENEFITS of a Home Inventory?

 

The most common reason for a personal property inventory is to protect your assets in the event of a loss. Fire, theft, or natural disaster – just one unexpected catastrophe – can take everything away in seconds. In addition to proactive disaster planning, a home or small business inventory can serve many other functions.

There are numerous benefits to investing in a home inventory. Not only is it a practical step in protecting your assets and documenting what you own, it will also save you time and money – and most of all give you peace of mind!

Insurance Purposes & Financial Planning

Provide required documentation of ownership and value

In the event of a claim, your insurance company will require you to list each lost item, what you paid for it, and where and when it was purchased. They will also ask for receipts and proof of ownership. A third-party inventory, done by an independent professional, will be appreciated by an insurance adjuster and make your claim easier and more credible.

Settle claims promptly and accurately

When receipts are lost due to fire or flood, a digital record of your property – properly stored off site – will speed the process. Each year, people lose thousands of dollars worth of belongings through fire, theft, or other disasters. Fortunately, many of those losses are insured, but when it comes time to fill out claim forms many things are overlooked if there is no inventory. Having an up-to-date home inventory will help you get your insurance claim settled faster and will give you the documentation you need to verify losses for your income tax return.

 Evaluate your personal property coverage

Taking inventory will help you evaluate your personal property insurance coverage. Your inventory will help you identify property that should be covered on your policy. It provides a valuable tool for discussing your insurance needs with your agent, and helps you make informed decisions about your coverage.

 Maximize your insurance dollars

Compared to the amount you will recover in the event of a loss, the cost of an inventory is minimal. Insurance is expensive. We will help you create a record to maximize your insurance dollars in the event you need to make a claim. Insurance payouts with an inventory are generally 20% higher than without, but most people will forget to list about 20% of their property if they have to re-create it from memory. If the worst happens to your home, you could spend hundreds of hours trying to recall your property and prove your ownership.

Estate Planning & Legal Issues

 Document your estate

When planning your estate, an inventory of your personal property can be both a valuable tool and a comfort to your family, heirs, and executor. Recommended by estate planners and lawyers, an inventory can be a big help in valuing your estate, and locating and dispersing your property. Creating a permanent record of your heirlooms and other valuable property can supplement your will or legal documentation, and help your attorney carry out your wishes for your beneficiaries.

 Inventory your property

The inventory process allows you to establish the value of your personal property. This can be an important estate planning tool and a critical part of the estate settlement process. Preserve and protect your assets for the next generation. Share important information in advance to avoid questions and stress for your loved ones at a difficult time. A complete inventory is required for probate and will help your executor/executrix and attorney through the process as quickly and smoothly as possible.

Preserve your legacy

Preserve your legacy for your family and heirs. Document your assets and valuables and give your family the gift of planning ahead. You’ll have a detailed listing of what you own when you or your family need it; for insurance purposes, estate planning, estate valuation, tax issues, or legal issues. And remember to update it when life events occur.

Marriage & New Home

Getting married is a joyous and life changing event. Starting a new life together is a great time to create an inventory of your wedding gifts, new purchases, and blended possessions. An independent inventory can simplify a prenuptial agreement, or document the personal property of a merged household. These days, couples are waiting later in life to get married, or marrying for a second time. Bringing two households http://vhealthportal.com together can mean a lot of new furnishings and items to remember. A home inventory will record the start of your new life together.

Divorce or Separation

Should the division of marital assets and property be necessary, a professional home inventory created by an objective third party ensures that property can be divided fairly and equitably. It’s important to know what you have and what it is worth if property needs to be divided. In the event legal negotiations are necessary, a complete home inventory provides proof of your assets, and is a helpful and powerful tool for you and your attorney.

Moving or Downsizing

Moving is an excellent time to create a home inventory. Having a detailed list prior to moving will pay off in the event items get lost or damaged in transition. A pre-move inventory will also allow you to determine if you need to purchase additional insurance before the move – or once you are in your new home.

• If you are hiring movers, a record of what is being moved, and the condition of each item before the move will be a valuable asset in the event of a loss or damage claim with your moving company.

• Moving into a new house is the perfect time to perform a fresh home inventory. Use your inventory as a checklist for getting your new residence in order, or deciding what to keep or toss when downsizing.

• If you are relocating due to a job change, a home inventory service may be reimbursable by your employer.

Landlords & Renters

Do you own rental property or do you rent an apartment or house? Landlords and renters both benefit from an accurate, third-party inventory. Documenting the condition and contents of rental property before a tenant moves in can help landlords or property managers with any dispute when the lease ends and before the security deposit is returned.

Reviewing the inventory before moving out can protect renters too. Tenants often forget that renters insurance is available. Renters should also document their personal property for insurance purposes. Your personal property is not covered on the landlord’s policy.

Vacation Property

Vacation property should also be documented and updated annually. Even if you visit regularly, a vacation home inventory is often overlooked. If your cottage or cabin is inherited or shared with family members, or is left unattended seasonally, keeping track of the contents is a must. If something happens to your vacation property while you are at your primary residence, could you remember all your furnishings and personal property. Providing an inventory to your insurance adjuster will be a big help if you need to make a claim long distance.

**Discounts available for vacation property inventory when combined with an inventory on your primary home. Please ask for a customized free estimate for both properties.

Small Business & Entrepreneurs

There are never enough hours in the day for a small business owner or entrepreneur. And no one knows the value of every penny better. Protect your business assets with an inventory of your office equipment, workshop tools and machinery, furniture, electronics, artwork, office supplies, and other tangible business assets. Documentation of your business investment for insurance agents, lenders, accountants, and tax advisers is essential. More than 80% of small businesses fail after a catastrophe because they did not have a disaster recovery plan in place. Part of your plan should include the storage of records off site in a safe and secure place.

Storage & Small Spaces

Don’t forget the small stuff! Storage units, galleries, studios, garages, and outbuildings contain cherished memories and valuable possessions, but out-of-sight is out-of-mind. A complete inventory of what’s in those boxes will keep you organized and save you time if you need to find something, or if those precious goods are stolen or damaged.

Special Collections

Whether you collect artwork, books, memorabilia, stamps, coins, dolls, antique tools, pottery, toys, or other specialty items, an inventory will help you assess and document the value of your collection. Even if you collect for fun, you love your special collection and an accurate and updated inventory will be very useful. A discreet and confidential inventory of your valuable collection will also help you when it’s time to buy, sell, insure, or donate part of your collection.