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Need a New Year's resolution? Create a home inventory.

By Maria Miceli for the insurance Bureau of Canada

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It’s that time of year again: time to commit to a resolution in search of a fresh start. If you haven’t set aresolution yet, here’s one: take stock of what you have. If you received valuable gifts over the holidays – electronics and jewelry, for example – your home or tenant’s insurance policy should include the value of these items.

Most policies operate on an annual basis. Before renewing your policy, speak with your insurance representative to make sure your coverage reflects the value of what you have.

How much insurance is enough?

To find out how much insurance is enough, make an inventory of all your possessions:

  1. Note the approximate replacement value of each item, along with makes, models, serial numbers and other identifying marks.
  2. Keep receipts for major items, if possible.
  3. Draw up a list of all the items in each room and remember to update it as needed. You can also photograph or videotape your belongings.
  4. Store your inventory records in a safety deposit box or other secure location away from your home. This will simplify things should you need to file a claim.

For a complete home inventory worksheet from the Insurance Bureau of Canada, click here.

To view the article at its source, click here.