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How to Create a Home Inventory to Help with Insurance Purposes
Having an up-to-date home inventory can really come in handy when filing an insurance claim. Home inventories help by providing proof of what you owned at the time of the claim, which in turns helps you determine the value of the items lost and their replacements costs. By taking the time to create a home inventory, you can save yourself time and stress when filing insurance claims in the future.
Why a Home Inventory?
When subscribing to insurance policies, it’s important to understand how to best protect your belongings. A lot of times, in the case of a home fire or other disaster, it can be very difficult to remember every little detail about all of your belongings, let alone their values or how old they may be. Taking the time to create a home inventory will provide a solid foundation to build from if you ever need to make an insurance claim.
What Should I Include in my Home Inventory?
When creating a home inventory for your insurance coverage, it’s important to include all of your possessions, not just the higher-value ones. Here’s a list of some of the things you should include:
- Furniture: beds, couches, end-tables, dressers, kitchen tables, chairs, etc.
- Appliances: washer/dryer, refrigerator, stove, dishwasher, etc.
- Electronics: televisions, computers, game consoles, speakers, phones, etc.
- Clothing: shoes, jewelry, jackets, etc.
- Tools/Equipment: lawnmowers, yard tools, power drills, angle grinders, etc.
- Miscellaneous: books, tools, photos, artwork, toys, sports equipment, etc.
Once you have a solid list of what to include in your home inventory, you can start organizing your belongings. Here are some tips on how to make the process easier:
Tips for Creating Your Home Inventory
- Take photos or videos of your belongings. Capture images of the items you include in your home inventory, so that you can easily provide proof as to what you owned if you ever file an insurance claim.
- Keep a record of the item’s purchase date, receipts, serial numbers, and its worth. Being able to provide these details can help when filing a claim.
- Keep the item lists in different locations. It’s wise to store your lists in multiple places, such as in a cloud-based storage system, safe-deposit box, and/or with a trusted family member or friend.
- Regularly update your inventory. To ensure you’re always properly protected, make it a point to update your home inventory at least once a year.
At the end of the day, creating a home inventory and properly keeping track of your belongings can really help you in the long run, especially if you ever need to file an insurance claim. Having an up-to-date and accurate home inventory can help speed up the insurance claim process and ensure you’re properly reimbursed for any items that were lost.
