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Household Inventory Template
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Household Inventory
A Record of Your Worth
Your homeowner’s insurance provides coverage for the contents of your home up to a limit that you have selected with your
insurance agent. In the event of a total loss, you would be expected to provide a list of all of your personal property that was
damaged, along with its estimated value.
If a loss occurred today, would you be able to compile such a list Would you trust yourself to remember every item in your
home, and the approximate value of each item
If you’re like most people, it would be very difficult. That’s why Baldwin has developed this Household Inventory.
It’s a simple fill-in-the-blank worksheet that takes minutes to complete but could save you hours of frustration if you ever
have a loss.
Determining the Value of Your Belongings
The standard homeowner’s policy is designed and priced to cover the Actual Cash Value of your Personal Property - that is,
the replacement cost less depreciation for age and use or condition. However, we advise that you amend your policy so that it
provides Replacement Cost Coverage for contents. This amendment is not expensive, and can make a significant difference
if you have a loss.
When entering the “Values” on your inventory, you should use either the Actual Cash Value or Replacement Cost -
depending on the coverage provided by your policy.
The Easy Way to Complete Your Inventory
First, use this form to list the items you own, along with their value (either Actual Cash Value or Replacement Cost Value,
depending on your coverage). By grouping your belongings by the rooms in which they are located, you’ll be less likely to
overlook something.
Next, total the values for each room and enter the information under the appropriate headings on the inventory form. (You
may want to complete the form in pencil so it’s easy to revise in later years.)
When everything is listed, add up the values to arrive at a “grand total” figure. Then, check your homeowner’s policy with us
to make sure your present coverage is adequate to protect you in case of a major loss. If your “grand total” figure is greater
than the Coverage C (contents) limit on your homeowner’s policy, you need to increase your coverage.
A Picture is Worth a Thousand Words
Although it’s not required, Baldwin encourages you to take photos of some of the property you list in your Household
Inventory. In particular, photos of higher valued and unusual items, such as antiques, are extremely helpful when it comes to
settling a loss. The photos should be identified and stored along with your completed form. You might also consider
videotaping these items and storing the tape with your Household Inventory form.
When You’ve Completed Your Inventory
Keep a copy around the house if you’d like, but make sure your original Household Inventory is put in a safe place outside of
your home - either in your safe deposit box, at the home of a relative, at your workplace, or filed with us.
Then once a year, re-check it. What new items have been added to the household How have the cash values changed How
does the protection of your homeowner’s policy measure up against inflation Make sure your home and its contents are
insured-to-value . . . that your coverage is increasing at a rate equal to the rate of inflation.
With the help of your insurance agent, make sure your home and its contents are insured-to-value . . . that your coverage is
increasing at a rate equal to the rate of inflation.
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