Contributor:Tina Taylor, NAPO Georgia Member

Why is a home or business inventory important? And how do you complete one?

You may have asked yourself why doing a home or business inventory is important or not. Every year, thousands of home and business owners face natural (or man-made) disasters that devastate their property. The clean-up of these types of situations is not the only immediate matter to handle after experiencing a situation like this. Having a home or business inventory is vital to filing insurance claims and regaining your life post disaster. 

Without an adequate inventory of the contents of your home or business, it could take months to pull everything together. This can delay your ability to file a claim with insurance. 

Those who do have a thorough record (i.e. inventory) of their belongings can file their initial claim within 24 to 36 hours. Beyond disaster recovery, a thorough inventory can be useful in a variety of other situations, including:

• Estate planning and settlement

• Moving and storage

• Financial planning

• Prenuptial agreements

• Separation of assets/divorce

• Supporting documentation for tax deductions for uninsured losses

A good insurance policy covers the cost of replacing the contents in your home or business. Before you can receive the funds, however, most insurance companies require a detailed list of what was damaged, destroyed, or stolen. Could you recall every item? Do you know the manufacturers, model numbers, and serial numbers of your electronics and appliances? In the event of a disaster, the itemized list of contents and supporting photographs created by a nationally certified inventory professional will simplify and expedite the claims process. According to the National Insurance Industry, policyholders who have a thorough inventory received faster results when filing a claim and received greater settlements. 

A typical inventory combines image documentation and an itemized written report. All the information is compiled into a professionally assembled portfolio.

• Image documentation- Digital photos include exterior and interior views. We provide full-room views as well as close-up photographs of specific items.

• Written report- Organized by room, the descriptions include manufacturers, model numbers, serial numbers, and other identifying information when available.

• The portfolio- You will receive both a printed and electronic version of your information.

• Secure backup- Your report is stored on a secure, encrypted server at an offsite location. In the event of a disaster, we furnish you with a copy of your inventory if yours is not available. We also provide a copy for the police or your insurance agent upon your request, at no additional charge.

An average inventory takes a team of two approximately one hour onsite for every 1,000 square feet. Additional time might be required for collection documentation.

“How do I keep my inventory current?” Insurance companies suggest inventories remain current. We provide a variety of services to assist you.  Annual update and backup renewal: By retaining your records on our online backup service, we can help you keep your inventory current. You can send us photos and descriptions via email, and we will add that information to your current records. The first year of online backup is included in your initial service.  Re-inventory for major updates: This includes a new flash drive and another year of backup service.

Investing in an inventory now means not having to spend valuable time later when you are under the stress caused by dealing with a disaster. When considering an investment in a personal property inventory, take into account the value of your possessions. Just one forgotten item on an insurance claim can often cost more than our professional documentation. For a residential inventory, the average price is 25 cents per living area square foot, which equates to a $500 cost for a 2,000-square-foot home.  Pricing is based on the size of the area to be documented and estimates are provided free of charge. 

Committed to exceptional customer service, Home and Business Inventory Consultants (HBIC) are nationally certified home inventory professionals.  Security of client information is a priority from the first phone call through compilation of the final portfolio. All documentation used in preparing your inventory will be shredded.  Every project is backed by a Confidentiality Guarantee. Additionally, we are bonded and insured. 

The most important question you need to ask yourself if you are considering whether to commit to an inventory with Home & Business Inventory Consultants is: Can I picture my home or business without an inventory?  

For more information visit  https://hbic.solutions/ or connect with Tina today via phone at 770-235-1393.