Creating a Home Inventory offers a multitude of benefits. Not only does it serve as crucial documentation for insurance purposes, streamlining claims processes in case of theft, fire, or other damages, but it also facilitates accurate valuation of belongings, aiding in determining appropriate insurance coverage limits and for estate planning. Furthermore, it fosters organizational habits, helping to locate items efficiently, prevents unnecessary purchases, and acts as a memory aid for items stored in less-accessed areas.
Ultimately, maintaining a Home Inventory brings peace of mind, knowing that one’s possessions are protected, organized, and accounted for.
Don’t Fall Victim to Procrastination, Get Started Today
Documenting all your possessions can be overwhelming, but it’s worth the effort. Our human inclination is to delay this project but not continually put it off. Some of the best ways to overcome this is to:
- Set a Time Goal: Setting a deadline helps keep you on track.
- Break it Up into Pieces: Don’t overwhelm yourself by trying to do it all at once. Go room by room. Start with your most valuable possessions.
- Get Help: Have someone help you take the inventory and review it.
How-To Tips
Create A List
Find a method that works for you. Using a computer can make storage, duplication, and inventory updates easy. If you don’t have a PC, paper works fine, too. Click below for sample home inventory worksheets:
There are also a variety of apps that you can download to a mobile device to help you organize and catalog your possessions. What tool or format you select to manage your inventory is unimportant. The critical element is to get it done.
What To Document
Describe all items, noting make, model, where purchased, and price paid as applicable. List serial numbers for expensive electronics and major appliances. Count clothing items by category, noting high-value items. If you have receipts or appraisals, keep them with your list.
Take Photos Or Video
Take pictures or videos of everything using the time stamp feature if necessary. Label all photos with descriptions. Digital photos are inexpensive and easy to store. Video is excellent for giving verbal descriptions of items. You should do this step first to create a quick inventory.
Document High-Value Items
Items worth over $500 should be described in detail and photographed. High-value items may need to be insured separately since home policies have certain personal property limitations.
Safely Store Your Inventory
Keep a copy handy for yourself. Most importantly, store your inventory documentation away from your home in a safe deposit box or with someone you trust.
Keep It Up To Date!
Once you’re done, update your inventory when you make big purchases. It’s a good idea to review your list at least every couple of years or when you move. When you’ve completed your inventory, please talk with us to ensure you have enough insurance to cover all your possessions.
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