Homeowner’s insurance, condo insurance, renter’s insurance — they’re all essential to help protect your personal property. Of course, the right protection depends on having the right amount of coverage. A good place to start is with a personal property inventory.
“Having an up-to-date personal property inventory helps you determine how much your possessions are worth so you can get the right coverage, and it may help speed up the claims process should your possessions need to be replaced due to loss or damage,” says Jonathan Boucher, Manager, Residential Product Management for TD Insurance.
Here are his top tips for creating a personal property inventory that includes the information you need.
This personal property inventory template from the Insurance Bureau of Canada will help you get a room-by-room tally of all your possessions. Once you’ve created your inventory, be sure to keep it safe.
“Where you keep it depends on if it’s on paper or digital,” says Jonathan Boucher. Paper inventories, photo prints and receipts should be stored in a safe place away from your home. A safety deposit box is ideal. For a digital inventory, uploaded it to a backup site or email it to yourself.
Expert tip: There are many apps available for your smartphone or tablet. For a list, search “property inventory app” and your device. Before you download one, ensure it provides backup and online access (not just from your mobile device).
Home insurance protects more than you might think
Home or condo insurance and renter’s insurance provide coverage for your property (including your furniture, home entertainment equipment, bike, computer and jewellery) in case of loss or damage. But there’s more to it than that. Your policy may also:
Get insurance that makes sense for you
“Whether you own a house or condo, or prefer to rent, most insurance packages are flexible enough to fit your needs and your budget,” advises Jonathan Boucher, Manager, Residential Product Management for TD Insurance.
For a policy that makes sense for you:
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