A recent study by the National Association of Insurance Commissioners (NAIC) revealed that 59% of consumers have not made a list or taken an inventory of their possessions. The study also stated that “of those individuals with a home inventory, 48 percent do not have receipts; 27 percent do not have photos of their property; and 28 percent do not have a back-up copy of the inventory outside the home. Additionally, 59 percent of people with inventories have not updated their inventories in more than a year, meaning new purchases and gifts may not be covered.”
This study proves just how important Home Inventory Awareness Month is for consumers! “All renters and homeowners should develop a home inventory, and this is especially important for established families with years' worth of family possessions,” said Kevin M. McCarty, NAIC President and Florida Insurance Commissioner. “Whether it is electronics, furnishings, collectibles, jewelry or clothing, families need to know what they own and how much it's worth.”
Top Reasons You Need a Home Inventory
- It’s one of the best ways to ensure you have the right amount of homeowners or renters insurance for your family and your small business.
- In the event of a disaster or burglary, your insurance company will ask you to provide a list of everything you lost. A complete and accurate home inventory can cut the time required to complete your claim from months down to as little as 36 hours! A third-party inventory can also save you thousands of dollars on your claim by ensuring everything is included.
May is the perfect time to take inventory of your home or contact us to take care of it for you. Make sure you, your family, and your small business have the protection you need.