Why You Need a Home Ownership Binder

Nationwide provided me with information regarding its In The Nation blog post.

Your home will most likely be the largest purchase in your lifetime. So it makes sense to stay organized with all of the paperwork involved in every aspect of your home. When something needs replaced, repaired, or updated you will know who to call and where to go.

We have lived in our home for almost 15 years and have done many improvements, renovations, and repairs over the years. Last year our hot water heater stopped working. I knew we had a new one installed many years prior, but I couldn’t remember who did the installation. I referred to our home ownership binder to find the information and when I called the company they informed me that our hot water heater was still under a warranty and our only expense was the labor involved. Had I just called a random repair company, we would have also paid for a new unit.

You will likely have your home for years and even decades, so keep your important home ownership documents organized in one central location. It will save you time and money over the years.

What’s Included in your Home Ownership Binder

I found a 2-3 inch binder to be so easy to manage and organize, but you could also store in a filing cabinet. Make a tab or file for each of the following categories:

1 – Mortgage/Bank Information If you are still paying on your mortgage, keep your bank information handy. If your mortgage has been paid off, the best place for the deed is in a fireproof safe, but make a copy for your binder and a notation where you can find the original.

2 – Copy of your Home Owners Insurance Policy Now would be a good time to ask yourself this question: What’s Truly Valuable in Your House? 

Consider taking a home inventory to make sure your possessions are adequately insured. And remember if something is on your property, you’re responsible for it, so include in your inventory anything that you don’t actually own, but are holding on to for someone. Discuss your list with your insurance agent to determine what is covered by your current policy and that you are properly insured.

3 – Important Names and Contact Information Keep a list of all the service and/or repair people that you use. When your hot water heater stops working on a Monday morning, the last thing you want to do is try to remember the name of the guy. This is a vital list. Contacts could include:

• Your insurance agent
• Your realtor
• Landscaping and/or snow removal service
• HVAC repair
• Plumbing service
• And any other repair or service that you would use

4- Utility Information Keep a list of all of your utility vendors. Include: name of provider, account numbers, website log in usernames and passwords, and contracts. This has been particularly handy when we’re comparison-shopping for better prices.

5 – Living Areas Make a tab for each room or category in your home to store any receipts, notes, renovation plans, warranties, installations information, user manuals, etc. Include the outside of your home too. The categories in our binder include:

• Kitchen/dining room
• Living room
• Family room/foyer/half bath
• Bedrooms
• 2nd floor bathroom
• Basement
• Sun-room
• Patio
• Landscaping
• Water heater/reverse osmosis
• Central AC
• Gas fireplace

Protect your home and your finances by creating a Home Ownership Binder to stay organized. You will not regret it when your next emergency or renovation happens.