Property Tips
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Renting out your seasonal home/cottage |
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| Leaving your house, secondary home or seasonal home unoccupied for a while Preparing a household inventory |
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Have you ever tried to list all your valuables from memory? Try it some time and then compare your list to your actual possessions. Chances are you'll be surprised by how much you've missed. Imagine how much harder it would be if you're trying to compile a list after your property has been stolen or damaged in a fire or flood. |
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After suffering property damage or loss, people often rely on their memory to describe their possessions to their insurance companies. However, without proper documentation, receipts, and photographs, it's difficult to describe the true value of your belongings. That is why it's so important to prepare a household inventory. What is a household inventory? A household inventory is a list of all the valuables contained in your home, such as furniture, appliances, computer equipment, audio visual equipment, jewellery, artwork, musical instruments, tools, and clothing. In many cases, it also includes property you store directly outside of your home, in a garage, storage shed, or backyard - such as sports equipment, valuable gardening equipment, and patio furniture. When carefully prepared, a household inventory includes not only a description of all your possessions, but also how and when each item was acquired, how much it was worth at the time of acquisition, and how much it would cost to replace it. Make a list and check it twice When preparing a household inventory, it's best to go from room to room and record all items of value. Don't forget to look inside drawers and closets to locate items that may not be immediately visible. It is also important to be as descriptive as possible. For instance, in addition to describing each item, you should try to list its manufacturer, its serial or model number, and the date of its purchase or acquisition. Aim for complete accuracy by including colours and measurements as well. Keeping evidence of value In addition to describing all your possessions, it is also important to provide as much proof as possible of their value. To demonstrate their worth and replacement cost, it is helpful to keep receipts or other proofs of purchase (such as credit card statements). Of course, if you don't have receipts, don't worry. A good way to demonstrate the value of your property is with pictures or video or digital recording, don't forget to date stamp it. Safeguarding your property Once you've created a household inventory, your next step if to ensure that it remains safe. After all, if your list disappears along with your household property, you will still have difficulty establishing the full value and extent of your assets for insurance purposes. For this reason, you should consider storing your household inventory in a fireproof safe in your home. For even greater assurance, keep copies of your inventory with friends, neighbours, or in a bank safety deposit box. If you have a safe or safety deposit box, you may also want to use them to store copies of your receipts or bills, copies of your photographs or videotapes, and even smaller items of value, such as jewellery. Staying current A final thing to remember is that you’ll likely add to your property on a regular basis. Gifts, acquisitions, and new purchases of value should all be reflected on your household inventory. For this reason, you should try to take time each year to update your list. When making or updating a household inventory, it makes sense to compare your list against your insurance coverage. Certain items of value, such as artwork, heirloom jewellery, or antique furniture, sometimes require higher insurance coverage than you may otherwise select. In such cases, you may want to establish an insurance rider to ensure all your items of value are properly and adequately protected. If you need help preparing your household inventory, please feel free to contact us. |
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