If your home or its contents get damaged by a storm or fire, or if your belongings get stolen, you will want to file a homeowners insurance claim. The company will need information on what was lost to decide how much to pay you for replacement. Creating a home inventory can make filing a claim easier.
A home inventory can also help you figure out if you have the right amount of property insurance coverage. Once you go through your home and estimate the value of all your belongings, you might realize that you need to increase your insurance policy’s property coverage.
How to Create and Store a Home Inventory
A home inventory should list all your belongings, along with a description of each item, a model and serial number (if applicable), information on when and where you bought the item, receipts and an estimate of its current value. If you don’t have all this information, include as much as you can.
To make the process easier, you can walk through each room and take photos or video to help you compile a list later. You can write up a list yourself or use one of several apps that are designed to help homeowners and renters create a home inventory.
Including your insurance company’s claims phone number and your policy number in the inventory will be helpful if you have just experienced a catastrophe and need to file a claim. Don’t include your home address, however. If someone accessed the list without your permission, thieves might target your house.
If you create a paper list, don’t leave the only copy at your house. In the event of a disaster, the list could get destroyed along with belongings that you needed to replace. You can give a list to a friend or family member, leave a copy at work or put it in a safe deposit box. You can also email the list to a trusted individual or store it in your email account or cloud so it will be accessible electronically.
Once you have created a home inventory, make a habit of adding items to the list as you purchase or acquire them. That way you will have up-to-date information if a disaster should strike.
Start Working on a Home Inventory
In an emergency, you could have a hard time remembering everything you owned and describing it accurately. Compiling a list of all your possessions may sound like an overwhelming task, but you’ll thank yourself if you ever need to file an insurance claim since you will have records of what you owned and will know that you have adequate coverage. If you don’t have time to make a detailed list now, at least get started by taking photos or video. You can break the task down by room or categories and ask family members or friends to help.