It may seem strange to write about rental properties before spring is even here.
However, it will warm up eventually. And if you own rental property near the waterfront (or anywhere, for that matter) it makes sense to have an up-to-date home inventory before the rental season hits.
After all, having the right insurance coverage is only part of the story.
Three reasons for having a complete home inventory
Sadly, many people believe that having insurance is enough to protect your investment. But without proof of ownership it’s unlikely to get full compensation for your belongings should you need to file a claim.
Or have your claim paid as quickly as possible.
And from the perspective of the insurance companies I think you can understand why they would want an accurate inventory before paying on a claim. Should your property become stolen or completely damaged due to fire it’s easy for folks to assert that they owned all sorts of expensive items.
There is, after all, a big difference between a flat screen TV and a 60″ Smart TV.
So the burden of proof falls on you.
The second reason for having an accurate inventory in place is preventative in nature.
In other words, you should let the real estate office who handles renters (or individual renters themselves) know that you have an accurate video inventory of your property and the present condition of your possessions so that renters will be careful during their stay.
Makes sense, right?
The simple fact of the matter is that people will be more careful if they feel you have an accurate record of what you own.
Finally, by having an accurate inventory you may qualify for a discount on your insurance policy.
Though not all insurance companies may offer you a discount, it’s still a good idea to get an inventory and to let your insurance agent know that you have fully documented all of your possessions.
And a knowledgeable insurance agent can review your inventory to make sure you have enough insurance coverage as well.
At the end of the day, an ounce of prevention is worth a pound of cure.
Ready to document your personal property?
It’s easy to get started.
Simply give us a call at 630-442-7276 to discuss the property you need inventoried and I can give you a free quote over the phone, or you can click the link and fill out a short form and I’ll get back to you.
