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Get an Estimate on Home Value for Insurance

Owing home is a matter of pride and earthly possessions enhance it even more. No homeowner can afford to lose any of these. After all, it takes years to buy a single item say that beautiful piano you gifted to your child or that precious diamond necklace you bought for your lovely wife. God forbid but any casualty can occur at any point of time in one’s life. Things like sudden fire and unexpected burglaries can turn out your lovely home into a drastic place.

 

That is why it’s important for not one but every individual to find an estimated cost of all the precious possessions of your home and get a complete home insurance. You will find it very easy but once you start counting the items, the count never ends. Here are few ideas to help you out in this simple but time consuming process of calculating home value:

 

Home Insurance Inventory List

You must be unaware about many valuable belongings to your home, that’s not just with you but state of affairs in any home. The very first thing an insurance company will ask you is the inventory list.  To make this listing process easier, divide everything into groups like:

 

  • Furniture
  • Outfits
  • Ornaments
  • Library

 

Begin with your living rooms as they are usually main stores of all necessary things.  Note down all the things like beds, couches, tables, etc. Lead to the kitchen where you keep your expensive utensils and glassware’s. Next, go to the dining room, check all hardware’s like your sofas, computer, and open all cabinets so you do not miss the essential hidden stuff. Do not forget to document the last stoppage, your backyard which might have those precious light lamps and birdbaths, write these on the inventory as well. Along with every item, do include the:

 

  • Name of Item
  • Purchasing Costs
  • Required Details (Metal type, Height, Length and Breadth)
  • Current Value
  • Cost to Replace

 

Remember all these things are necessary to note, because you are the one who purchased these items, so no one else can better knows about it as you do.

 

Collect all Proofs

Once the inventory list is ready, your next step is to begin with item #1 and find out its sales receipts. Whether its jewelry or furniture, you get a purchase slip with every item. The cash memo or a sale receipts has all information like the cost, date and quantity you purchased from a particular shop. In the same way, search as many sale receipts as you can get, as it is a valid proof of purchasable items.

 

Address Repairing Costs or Replacement Value of Entire Home

Best way to obtain the replacement value is by analyzing the age of the item. This is the track where the sales receipts will advantage you. The date on which you bought a particular item must be mentioned on the memos, so you can easily evaluate its age. Once you analyze the cost of items, you need to note the value of your property. For this either you can hire a real estate agent or keep these things in mind:

 

  • Current Value of Neighboring Homes
  • Building Costs ( at time of building)
  • Maintenance Costs
  • Current Construction Costs

 

Assuring the best interest of our clients and providing unmatched assistance for buying, selling and renting properties across Mohali is what makes us one of the leading Harjirealtors Real Estate Agents Mohali. Whether you wish to sell or own a property at the best locations across Mohali, get in touch with http://www.harjirealtors.com.

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Get an Estimate on Home Value for Insurance

by akanksha94403 time to read: 2 min
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