In the event of a disaster, it can be difficult to remember everything you own. That's why having an up-to-date home inventory is essential. Not only does it help you determine the right amount of insurance you need and can speed up the claims process. With severe weather becoming more common, we’d like to stress the importance of having a home inventory in case your home is damaged or destroyed.
If you haven't created a home inventory yet, now is the time to start. Spring cleaning or before a move are ideal times to prepare or update your inventory list. If the task seems overwhelming, start small.
Here are some tips to help you get started:
1. Pick an easy place to start: Begin with a contained area like your kitchen appliance cabinet or sporting equipment storage area.
2. List recent purchases: Start by listing your most recent purchases to get into the habit of creating an inventory, and then work backward to include older possessions.
Here are some additional tips for making a home inventory:
- Keep bills, receipts, warranties, and instruction manuals for valuable items, as these can serve as proof of ownership.
- Include basic information about each item, such as where you bought it, the make and model, the price you paid, and any other relevant details.
- Count clothing by general category and note any items that are particularly valuable. Group similar smaller items together.
- Record serial numbers, which can be found on major appliances and electronic equipment.
- Check the coverage for big-ticket items like jewelry, art, and collectibles, as they may require separate coverage.
- Don't forget to include off-site items you have in a self-storage facility.
- Keep proof of value by storing sales receipts, purchase contracts, and appraisals with your inventory.
- Review your inventory annually and update it when you make new purchases.
Technology can also be used to assist in creating and storing your home inventory:
- Using your smartphone, take photos of your belongings, capturing individual items as well as entire rooms or areas.
- Record a video walk-through of your home, describing the contents as you go. This can help provide a visual record of your belongings.
Storing your inventory safely is crucial to its effectiveness:
- Keep your records and receipts in a secure location, such as a safety deposit box or a secure online option.
- Make at least one backup copy of your inventory and store it separately. Taking pictures of your paper list with your smartphone is an easy way to create digital backups.
- Keep important household documents, like credit card information and government documents, in an off-site location as well.
If your property or contents are damaged, contact your insurance broker as soon as possible to start the claims process. Your home inventory will prove invaluable during this time.