Let me ask you a question, would you remember the serial number of your TV from the top of your head and the price you paid for it a few years ago when you bought it?
Unless you have an insane memory, we’ll assume the answer is no. That is one of the reasons you need to use a company to create a property inventory for your properties.
As much as having a professional property inventory is good, also having a company to create it can’t be over estimated. There are some things you, as an individual may forget to include, while a company that has been in the business for a long time will not.
Being as detailed as possible is good, but better still if it is handled by a company that know what is important to elaborate upon.
A professional property inventory is an exhaustive list of your household items, belongings and the property itself with their different conditions. A complete inventory includes the following information about each item on your inventory list:
The number of rooms in the house and their locations, different items – their description and quantities, their dates and places of purchase, their original costs and receipts, their estimated current values, serial numbers and model numbers, the photos and video tapes of everything inside, and current appraisals for the most valuable items.
Above are some of the things to be documented on the inventory. The list is exhaustive and you can easily mix things up in the heat of compiling all these data and more which may lead you to be short-changed when it comes to claiming your compensation.
As regards losses: no one is fully prepared but we can plan ahead and take the necessary steps to reduce the impact if loss, damage or breakafe does occur.
Putting a professional property inventory in place ensures that your claim is filed as soon as possible, helping you get compensated quickly and accurately.
The unlucky few discover that after a breakage that there was no refernece in the personally compiled inventory, unlike using a company to create property inventory which will eliminate this avoidable loss.
Some of the advantages you may enjoy if you use a company to create your inventory are;
Your compensation or ability to charge tenants will be faster and smoother. Also, they are up to date with all the necessary laws they can invoke in case the tenant is being stubborn. This may be hard to do if done on individual basis.
They will also guide you to the best insurance available to you as a home owner.
A good rule of thumb is to add up how much it would cost to replace your belongings, and then compare it to your policy’s personal property limit. This is an indicator of whether or not you need to purchase additional coverage.
Having a company create a property inventory for you is the best as they do all the legwork for you and pay them some small amount compared to the time it would take you to do it yourself.