Your possessions are very dear to you, and in the event of an accident, for filing a claim, your insurance provider will request an inventory of everything in your home, sometimes, with supporting documentation. If you have high-end items in your home, it is even more important to document those, as they are more expensive and will be more difficult for you to replace in the event of a covered loss.

One of the most popular ways to keep a record of your valuables is to take photographs and keep them in a safe place. Where possible, take photos of serial numbers and models of electronic devices and appliances. Moreover, you have to keep the original receipts that demonstrate the value of your possessions. If you no longer have the receipts, you will need an assistance of an accredited and certified appraiser.

For insurance purposes, the appraiser will evaluate your possessions and name their retail value, meaning the costs of their replacement in the event of a loss. To receive a professional appraisal, you may need to send a photograph of your item to the appraiser. Once the appraisal is done, you will receive a written statement with the explanation of how the value of your items was determined. Depending on your location and the items needed to be appraised, you might have to pay a flat fee or an hourly rate for the service.

Always make sure that your documentation is safe. Keep your receipts, photographs, and appraisal in a safety deposit box outside of your home or with your trusted friends or relatives. Some insurance carriers might scan your documentation and keep it on file in the event of an accident where the originals can be destroyed, like fire or water backup, for example.