Decluttering at the start of the new year is always a good idea, and while you at it, it makes sense to compile an updated home contents inventory, especially if you are adding in new items. Doing so can help to ensure that your home contents are adequately insured for their current replacement value \u2013 in turn helping to ensure peace of mind and financial security should you need to claim.<\/p>\n
Wynand van Vuuren, client experience partner at King Price Insurance, says that if you cover your home contents (that\u2019s everything that would fall out of your home if you turned it upside down) for less than their current replacement value, then you are under-insured and valid claims will only be paid out proportionately.<\/p>\n
\u201cAs an example, if it would cost R400,000 to replace your home contents today, but you\u2019ve only insured them for R200,000, then you\u2019ll only be compensated for 50% of any loss in the event of a valid claim,\u201d explains.<\/p>\n
The good news? Keeping an accurate home contents inventory can help you stay fully insured and avoid costly surprises. Here are van Vuuren\u2019s top reasons:<\/p>\n
Proving ownership. An inventory isn\u2019t enough to guarantee that a home contents claim will be paid. When you claim, your insurer may ask you to prove ownership of items you claim for, especially high-value possessions like electronics, jewellery, or collectibles. By keeping receipts, valuation certificates, and photos, you\u2019ll have all the evidence you need. A video walkthrough of your home, stored safely in the cloud or sent to your insurer, can make this process even simpler. Updating your inventory regularly will remind you to keep this information current as well.<\/p>\n
Streamlining claims. In the aftermath of a theft, fire, or storm, remembering the details of everything you\u2019ve lost can be overwhelming. An up-to-date inventory takes the guesswork out of listing your items, saving you time and reducing stress when it matters most.<\/p>\n
Ensuring adequate cover. Knowing exactly what you own, and knowing what it would cost to replace it all at today\u2019s prices, can help to ensure that you have sufficient cover. Begin your inventory by listing all your possessions and assigning realistic, up to date replacement values, and then make sure that the \u2018insured value\u2019 noted on your policy schedule matches this total. If not, this is your cue to ask your insurer to increase it.<\/p>\n
Van Vuuren notes that home contents insurance is essentially a month-to-month contract, so reviewing your inventory and policy regularly, especially after a major purchase or receipt of an expensive gift, is key to staying adequately insured. \u201cLikewise, remember to update your inventory after a good clean-out \u2013 otherwise, you may end up paying to cover things you no longer have.\u201d<\/p>\n
So start now by using this home contents inventory template to ensure that your valued items are ensured for their full value.<\/p>\n