A list of your belongings will make filing an insurance claim much easier
In the event of a fire or other disaster, would you be able to remember all your possessions? Having an up-to-date home inventory will help you get your insurance claim settled faster, verify losses for your income tax return and help you purchase the correct amount of insurance. Here’s how to create one.
Start your home inventory now
If you’re just setting up a household, starting a home inventory is relatively simple. If you’ve been living in the same house for many years, however, the task of creating a list can seem daunting—but it doesn’t have to be. Get started here.
- Pick an easy spot to start – A contained area—like your small kitchen appliance cabinet, your sporting equipment closet or your handbag shelf—is a great place to get started.
- List recent purchases – Another way to start is with recent purchases—get into the inventory habit and then go back tackle your older possessions.
- Include the basic information – In general, describe each item you record, and note where you bought it, the make and model, what you paid and any other detail that might help in the event you need to make a claim.
- Count clothing by general category – For example, “5 pairs of jeans, 3 pairs of sneakers…” Make note of any items that are especially valuable.
- Record serial numbers – Usually found on the back or bottom of major appliances and electronic equipment, serial numbers are a useful reference.
- Check coverage on big ticket items – Jewelry, art and collectibles may have increased in value and may need special coverage separate from your standard homeowners insurance policy. While you’re making your home inventory list, check with your agent to make sure you have adequate insurance for these items before there is a loss.
- Don’t forget off-site items – Your belongings kept in a self-storage facility are covered by your homeowners insurance, too. Make sure you include them in your inventory.
- Keep proof of value – Store sales receipts, purchase contracts, and appraisals with your list.
- Don’t get overwhelmed – Once you’ve started your inventory, keep going even if you can’t get it all done immediately. It’s better to have an incomplete inventory than nothing at all.
Credit to Our Partners At: Insurance Information Institute https://www.iii.org/article/how-create-home-inventory