Why creating an inventory of your belongings is essential

Making an inventory of your belongings might not be something you’ve considered, but homeowners who take the time to do so are often grateful when faced with filing an insurance claim. An accurate and detailed inventory ensures you’re prepared to navigate unexpected situations with less stress and more confidence.

Since every household is unique, the number and value of belongings will vary. Creating a comprehensive list of your possessions before an unfortunate event occurs helps ensure you are adequately protected.

Evaluate your coverage

While compiling your inventory, it’s also crucial to review your current insurance coverage. Verify that it sufficiently covers the replacement value of your belongings. This step can save you from surprises during a claim.

A handy tool to help you

The Insurance Bureau of Canada offers a practical and comprehensive form to help you catalog and calculate the value of your family’s assets.

• Pre-filled items: The form includes common household items that you can delete, modify, or add to as needed.
• Automatic calculations: It simplifies the process by automatically calculating the total value of your belongings.
• Serial numbers: For certain items, you’ll need to record the serial numbers for accurate documentation.

Key points to keep in mind

Valuable Items

Home insurance contracts often have specific coverage limits for valuable items. For example, jewelry, artwork, or collectibles may have compensation caps. Speak to your broker to ensure these items are properly insured.

Shared Living Arrangements

If you live with a partner and have been together for less than a year, inform your insurer to ensure both names are on the contract. This guarantees adequate coverage for both individuals.

Visual Documentation

Enhance your inventory with photos or videos of each room in your home. This visual evidence can be invaluable during the claims process.

Working from Home

Self-employed? Your home insurance might not fully cover work-related belongings or liabilities. Contact your broker to ensure your policy reflects your professional needs.

Off-Site Coverage

If belongings are damaged or stolen while outside your home, your insurance policy generally offers coverage. However, compensation is often limited to a percentage of your belongings' total coverage amount.

Civil Liability Coverage

Did you know your home insurance also includes civil liability? This covers damages you may accidentally cause to others, offering an added layer of protection.

Keep it Updated

Set a periodic reminder to update your inventory and store it securely. Having both a physical and electronic copy ensures you’re prepared, no matter the circumstances.

Taking the time to create an inventory of your belongings might seem like a lot of work, but it’s a worthwhile investment in your peace of mind. It ensures that your insurance coverage is comprehensive and gives you a clear plan of action if the unexpected happens.

Start today by downloading the inventory form from the Insurance Bureau of Canada, and give yourself the confidence of being prepared.

Sources : Info Assurance, IBC