Looking for a smartphone application, or app, that can save you time and shore up your homeowners insurance? Check out the new MyHome home inventory app from the National Association of Insurance Commissioners, or NAIC.
The new MyHome Scr.APP.book, available free at the iTunes store, enables you to easily capture images, descriptions and documentation, including original sales receipts, bar codes, serial numbers and appraisals, of all your household contents and organize them room by room or by categories like "electronics" or "hobby." The app even creates a backup file you can email to your homeowners insurance agent and/or store in a secured online site.
Having a well-documented record of all your favorite stuff serves multiple purposes:
- Before you purchase homeowners insurance, it helps to document and organize what you actually own. This guides you to the appropriate coverage levels, including additional riders for items like jewelry, fine art or collectables that may not be top of mind.
- While you're insured, the MyHome app is an easy way to record new acquisitions with their documentation and purge items no longer in your possession that could affect your coverage. You may want to share these updates with your broker or agent as they may warrant a change in coverage.
- Should you have a claim, you can rest assured that you have your home's contents captured, organized and securely stored with full description and documentation for easy claims adjustment.
According to NAIC, almost half of us have no inventory of our possessions. If you're one of those who choose to rely on total recall or omniscience in a time of loss, you're essentially increasing the cost of your own homeowners insurance because you're unlikely to recover as much as your neighbor with the detailed inventory.
In a world gone apps-crazy, here's one that really makes sense -- as in dollars and cents.
Do your homeowners insurance a favor and give it a try.
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