Your homeowners insurance policy can cover property that’s damaged, destroyed or stolen. Having an inventory with information on your belongings can help you get compensated if you suffer a loss.
Reasons to Create an Inventory
If your house burns down, your belongings will get severely damaged or destroyed along with it. Your homeowners insurance company will need proof that you owned items before it will compensate you for their loss. That will be particularly important if you seek compensation for valuables.
When you make a list of what you own, you may realize that you’re underinsured. If so, you can raise your policy’s limits so you’re adequately covered.
What to Include in an Inventory
Your inventory should have information on everything in your house, from clothing and furniture to electronics and jewelry. When it comes to valuables, you’ll need some detailed information.
For electronics, such as your laptop and TV, make sure that you record the brand and serial number. For other valuables, such as jewelry and artwork, record a detailed description. An appraisal can also be helpful if you need to file a claim.
Include photos or videos in your inventory. Having images that clearly show the items in question, as well as serial numbers and other important details, can make it easier for you to prove ownership and get your homeowners insurance claim approved.
If you have receipts for valuables, hold onto them. They can bolster your claim if you need to file one. If you don’t have receipts, record the approximate dates when you purchased valuable items.
How to Create and Store an Inventory
There are several ways to make a home inventory. You can write important information on paper, save it in an electronic spreadsheet or walk from room to room taking photos or recording video. If you make a video, describe what you’re showing and point out key details as you walk through the house. There are also numerous apps that can help you build an inventory.
If you use an app to make a home inventory, you can store it electronically. If you take photos or videos using your phone, make sure that you’ll have access to them if your phone gets damaged or destroyed. You can save the inventory in the cloud or email it to yourself so you’ll be able to access it using another device.
If you create an inventory on paper, make multiple copies and store at least one at a location away from your home in case your house gets destroyed. You can give a copy to a family member or friend, keep a copy at your office or store a backup in a safe deposit box at a local bank.
Remember to periodically review your inventory. Update it when you acquire new items of value to make sure that you have enough insurance coverage and can get compensated without a hassle if you experience a loss.
