According to Homeland Security News Wire, natural disasters alone cost U.S. homeowners more than $32 billion a year. Think of all the news stories you’ve seen of late about hurricanes, earthquakes or wildfires. In times of crisis, you aren’t thinking about logging what possessions you have, their value, where they are located, if they’ve been in for repair. And hopefully, if you are reading this, you will never have to worry about that. But with all can happen, taking the steps now in the event that you could be faced with an emergency at your home will save you and y our family a lot of hassle and heartache down the line.
When disaster hits, chances are that you aren’t going to remember every important item in your home, the year you got it, serial numbers, what condition it was in. That’s where a home inventory system is so helpful. It keeps all the relevant data for you so you don’t have to guess. And you know where that comes in most handy? Dealing with insurance!
After a disaster, either natural or accidental, insurance providers require documentation of your goods. While it is easy for the insurance company to document the damage done to your home, for many, demonstrating ownership and claiming the value of belongings that are completely lost or destroyed has proven to be far more difficult. Without proof, the insurance company does not have to believe you ever had possession of the items you are claiming. They can settle on the minimum payout for your coverage or deny it completely if they see the situation as warranting it. The burden of proof is on your shoulders, meaning that you have to prove that you owned these things and that they have the value you claim.
Asset Panda is a great tool to employ as your home inventory system. Because of its easy-to-use functionality, it takes very little time and effort to capture your home inventory. You could feasibly do the entire project on a weekend! You can always upload new data for assets as you add (or remove) them to your home. And you can access and change the data anytime, from anywhere.
The beauty of Asset Panda is that you can capture all the data about the items in your home and download it straight to your smartphone. There is no extra hardware to purchase or complicated hours of training to endure. The process is incredibly simple. You can go through the house and document all of your belongings by taking photographs of your assets with your smartphone, scanning barcodes of relevant items such as computers, printers, electronic equipment and uploading it one secure database that is stored in the cloud.
By taking the time to document your home inventory of value you are able to see if you have the right type or value of insurance on your items or on your home as a whole. Certain household items only have limited rather than full coverage such as jewelry, coins, antiques, artwork, and silverware, typically. Once you realize these gaps, you can evaluate whether you want to purchase additional coverage to insure them for their full value.
As you are preparing your home inventory system, make sure your report includes as much information as possible on each item:
- Serial number
- Purchase date
- Photos and video footage
- Intended heir designation (if appropriate)
- Estimated or appraised replacement value
- Scans of receipts and important documents
By taking inventory of all of the valuable things in your life, you are more prepared for those moments that will challenge and take the most out of you. Don’t let the guesswork on your home possessions add to that stress. Consider Asset Panda as your home inventory system and see how it can be configured to fit your needs.