When you plan to get a flood insurance policy to cover the contents of your home, you can not just walk in and announce your wish. The insurance company would require you to have a detailed list and thorough inventory of all the things and contents you want cover.
Compiling an inventory would not only enable you to have an idea how much you need to insure your contents for, but it will help you get the most of your UK flood zone insurance policy. This will also save you a lot of money to have somebody else do the inventory for you, and your flood insurance claims will be settled with greater speed.
So how is an inventory made? If you buy a new home or has just moved into a new one, it is better if you start to make an inventory right away and not wait until things pile and accumulate through the years. You may find yourself spending more time buried amidst a clutter of things you did not even know you have.
To start the inventory, you need to make a systematic plan where or in what room to start. Make a list of all the rooms in your house. For example you may start in the living room, moving on to the bedrooms, the kitchen, the garage, the attic, the basement, balcony, closets, and all the other rooms. Make a systematic method that is also convenient for you.
When you start on the first room, all you have to do is to make a list of every item and write a short description for each. You should include the serial number and the year model or date of the item as well as an estimation of the cost based on the present day prices.
This should be easy for you once you get the formula for estimating the value of contents in your property. You can get the original cost of an object based on the present market price. Then estimate its lifespan and how long you have had it, how long you expect to have that item around and you can get an almost accurate estimate to get the right content insurance. You can do this with all the other items in your house.
If you have valuable items like artworks, paintings, antiques and other valuables you will probably need the services of an expert. It is important to tell your flood insurance provider as much information as possible, whether you buy more items or sell anything for them to adjust your inventory.
Updating your insurance provider about your inventory would assure you that in case of emergencies or calamities, your contents are properly covered. One final advice, be sure to keep your inventory lists, receipts and other important documents which may be necessary when you make a flood insurance claim in a safe place. This could be a factor to speed up or delay getting your insurance claims when you need to.
One final tip - take pictures of everything you own and store them in a safe place. Having pictures will help you prove ownership and also remind you that you possessed the item in the first place! It is easy to sometime forget what you have!
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