3/12/2012 - The importance of developing a home inventory
When it comes to making the most out of one's homeowners or renters insurance
, a key element is developing or updating a home inventory. To help in that process, the Insurance Information Institute has created a new mobile application.
Jeanne Salvatore, senior vice president and consumer spokesperson for the III, said many people put off making a home inventory.
"Don't wait until after a disaster to think about a home inventory," said Salvatore. "Put aside a little time now to document all of your personal belongings. It will cost nothing but a little time to do."
As the III describes it, a home inventory is basically a list of all of a renter or homeowner's possessions and what their value is. Not only does such a list help policyholders determine the right amount of insurance coverage to get, it's also helpful at tax time, as they will be able to prove what financial losses they've experienced, perhaps enabling them to qualify for a tax deduction.
While a home inventory list can be done simply with a pad and paper, the III's app, Know Your Stuff, can be found at KnowYourStuff.org, and is available as a free download.