A home inventory is an important tool to prepare you for loss to your property. By inventorying what you have in your home, you can easily report what you’ve lost. Below we have outlined some tips on how to make one that works best for you.
What is a home inventory?
A home inventory is a list of your personal property at your residence.
For many homeowners, this is recommended by your insurance company and is especially helpful in the event of a claim.
Why do I need an inventory?Â
If a loss occurs to you home, your insurance company will ask you to make a detailed inventory of all damaged or stolen property. By preparing a home inventory ahead of time, your insurance adjuster can start assessing your losses sooner.
Without one it may be difficult to remember what items are missing or damaged, as well as the value. Those are difficult things to remember without some sort of record!
A prepared home inventory can also save you a ton of time and some stress when it comes time to report what you’ve lost.
What should I include in my inventory?Â
Anything that is located in your home should be inventoried! Your home inventory list should include any personal property that you want to ensure is documented in the event of a loss. And we’re not just talking about the big or expensive items such as televisions, appliances and furniture, but also the dishes, bedding, and clothing.
When you create your home inventory, consider taking photos and videos of your closets, drawers and cupboards. Include the following in your documentation:
- Item description including the brand name, model and serial number, if available
- What room it’s located in
- Original cost of the item
- Year you purchased the item
- Quantity
- Where the items were purchased
How do I make an inventory?
There are many ways you can approach making a detailed list.
Once you know what’s required, you can choose the method for capturing the information that’s best for you. There are apps available to help you with the process.
- Create a spreadsheet
- Use a credible and secure app
- Record a video walkthrough of your house and belongings
- Put receipts from your personal property purchases into a folder alongside a detailed list
Update the list annually
Once you create your home inventory, don’t forget to set a reminder on your calendar to update it at least yearly.
This is also a good time to consider reaching out to your insurance agent if you made any significant improvements to your home over the year and to review your limits on personal property compared to your updated inventory.
Store your inventory securely
Also, almost as important as creating the inventory is finding a safe and accessible place to store it, such as online “in the cloud”.
If you’re creating a physical/paper inventory, a firesafe lockbox is a great place to store it. You may also want to consider storing a copy of your inventory somewhere besides your home (like a relative’s house) in case your copy is damaged.
Creating a home inventory is worth the effort and can save you and your family a lot of time and stress down the road. If you have questions about creating your home inventory, reach out to your local, independent agent or, if you don’t work with an insurance agent, your insurance company.
