Its National Preparedness Month; Create a Home Inventory as part of Your Plan

Because disaster can strike with little warning, the Property Casualty Insurers Association of America (PCI) is encouraging homeowners and renters to make a home inventory of their possessions as they take other essential steps in preparing for emergencies during National Preparedness Month.

Every section of the United States is prone to catastrophic events and last year insured losses due to catastrophes totaled $35 billion. As a result, it is important for individuals to not only take steps to prepare by developing an emergency plan and kit, but also by being financially prepared.

“Planning for an emergency or disaster should generally begin with a conversation between family or household members,” said Chris Hackett, director of personal lines for PCI. “Have a discussion about the types of hazards that could affect your area and develop a plan for how you will respond. At the same time develop a kit with emergency supplies and while you’re at it go through your home and document all of your possessions. In the event of a disaster, these three simple steps may protect you from harm as well as help you speed up the recovery process.”

Step One: Develop an emergency plan
Emergency planners suggest that you discuss the types of hazards such as earthquake, flooding, hurricanes, tornadoes or wildfires that could affect your area. Determine escape routes and establish at least two meeting places. One could be right outside your home in the event of a house fire, but also establish a location outside of your neighborhood in case you cannot return home or if you are asked to evacuate. Be sure to practice your plan twice a year and ensure everyone understands their responsibilities and works together as a team.

Step Two: Develop an emergency kit
Stock your emergency kit with enough food and water for three to seven days. Include a weather radio, flashlight, batteries and first-aid items. Also place a multi-purpose tool, copies of personal documents (medication list and pertinent medical information, proof of address, deed/lease to home, passports, birth certificates, insurance policies), cell phone with chargers, blanket, and emergency contact information in the kit. Be sure to keep some extra cash on hand in case ATM machines are not available.

Step Three: Develop a home inventory
The inventory should document all of your home’s contents so you can quickly and easily account for all of your belongings and report the loss to your insurance company. Without it you may have to rely on your memory to determine what you lost. Simply go room to room and catalog your items. Take photos or video your possessions and document the cost, make, model and serial number of items. Also note the date of purchase and keep the receipts for major purchases. Be sure to store the inventory in a secure place whether it is in paper or an electronic format. And be sure to update the inventory periodically to ensure that your new belongings are included. Your insurance company or agent may have tools available to assist you in creating your own home inventory. Here are some resources you can use:

Insurance Information Institute Know Your Stuff Home Inventory

National Association of Insurance Commissioners Home Inventory

“Insurance is the foundation for keeping a family’s economic safety net strong. As a result, in addition to making sure you have a family disaster plan and an emergency supply kit, it is crucial to ensure that you have the right insurance coverage to meet your individual needs,” said Hackett.

PCI is composed of more than 1,000 member companies, representing the broadest cross-section of insurers of any national trade association. PCI members write over $195 billion in annual premium, 39 percent of the nation’s property casualty insurance. Member companies write 46 percent of the U.S. automobile insurance market, 32 percent of the homeowners market, 37 percent of the commercial property and liability market, and 41 percent of the private workers compensation market.