When you hear the words “asset management”, one typically thinks of the business environment and all of the components or inventory that help a company run. However the task of managing assets is not just for businesses. Home asset management software is now readily available for the average homeowner who seeks to keep track of his/her home-based assets in preparation for one of those dreaded “just in case” scenarios, for insurance purposes, to track the value of a collection of items, or to just keep up with the maintenance and condition of pieces within the home.
For many homeowners, inventory tracking is not a top priority. In fact, some might even consider it an unnecessary formality. Unfortunately, many homeowners mistakenly assume that their homeowner’s insurance will protect and just replace valuables and assets in the event of a disaster or theft. They quickly learn when one of those unfortunate events does occur, that it is not always the case.
Many insurance providers require documentation of household valuables and goods. This becomes incredibly important should your home be hit by a natural disaster or experience a major loss. According to a report by Homeland Security News Wire, natural disasters alone cost U.S. homeowners more than $32 billion a year. By utilizing home asset management software and entering the pertinent details of the items in your home, you have evidential proof of the items should they become damaged or destroyed by catastrophic events. Without this valuable proof, your insurance company could potentially settle on the minimum payout for your coverage or even deny it if they didn’t have the details and photographic proof of what you claim to be lost.
Incorporating a home asset management software program by Asset Panda is a simple, easy-to-use suite of tools to handle your home asset inventory management. Many users claim that they have been able to complete a full inventory of the assets in their home in one weekend. The true beauty of Asset Panda is that it downloads straight into your smartphone. You can go through the house and quickly and easily document all of your belongings. Asset Panda will allow you to report home assets even if you aren’t sure of your valuables’ overall worth. You simply document your items through:
- Taking photographs with your smartphone
- Searching the database
- Scanning the barcode
By taking inventory of all of your important household items, you’ll be prepared to show their value to insurance companies and if necessary, law enforcement officials. Whether you are handling insurance issues, developing estate plans, or just protecting your assets, it’s in your best interest to be specific when entering your data.
Specific circumstances that Asset Panda’s home asset management software has been beneficial to homeowners include:
Ensuring Necessary Amount of Insurance Coverage
In addition to helping with insurance claims, it’s also good for determining whether you have purchased the necessary amount of insurance coverage. By including some flex room in your valuation, you ensure you aren’t underinsuring your home or property, particularly in areas with high levels of crime or high risks of flooding, earthquakes, etc.
Identifying Household Items & Limitations
Certain more valuable household items have limited rather than full coverage, such as jewelry, coins, antiques, artwork, and silverware. Once you identify these gaps, you can evaluate whether you want to purchase additional coverage to insure them for full value.
Loss and damage can cause chaos in your life at any time, none more so than when you are in the process of moving. It’s incredibly important that homeowners can verify household inventory before and after a move. If you have insurance that covers this, as well, make sure your movers don’t harm your household items.
Homeowners and businesses are using Asset Panda’s Asset Tracking and Management Platform to replace outdated spreadsheets and costly software for asset tracking and management. Asset Panda is designed to work the way you do, giving everyone in your home (or organization) quick and easy on-demand access to everything they need to know about your assets. Whether online or through our free Mobile App, our intuitive interface makes it easy to work from anywhere, on devices you’re already using.
No one wants to have to prepare for a disaster or theft, but thanks to Asset Panda’s home asset management software, coupled with its quick integration and organizational structure, you have the perfect assistant to manage your home assets from anywhere. Try us today with a free 14-day trial and you’ll understand why some of the biggest brands and homeowners alike trust Asset Panda for their asset tracking needs. For details, visit assetpanda.com.