How To Determine Your Replacement Cost
The most important thing you can do to determine the replacement values of your personal property is to create a home inventory.
- Create a digital record of every room. While you are videoing, describe each item and identify a replacement cost.
- It may be useful to categorize clothing. For example, 10 pairs of men’s pants, 12 tee-shirts, 6 pairs of Nike shoes, etc.
- Make sure you focus on high-end items like jewelry, guns, computers and artwork.
- If you have expensive art, guns or collections, it would be good to have it appraised.
- Update the inventory from time to time.
- Keep the inventory in a safe or at a secondary location.
Having an accurate replacement cost is critical in having the right amount of insurance.