Whether it is a fire, a burglary or other disaster, the first thing your insurance agent is going to ask for is your home inventory.
A home inventory is a list of everything in your home, top to bottom, furniture to personal items. If you bought it and can move it, it needs to be on the list. Proof of purchase or a current, detailed inventory is essential in filing an insurance claim after a loss. If you don’t have one, the insurer will let you construct one from memory, but most people who have experienced this will tell you that it isn’t easy, and you forget some of the things you had.
Since we’re all spending more time at home these days, and may even have kids who need something to do, now is a great time to take a current home inventory.
The easiest way to accomplish this seemingly daunting task is to put together a collection of pictures of every room along with a notebook or an inventory form detailing essential items. If you want to take a high-tech approach, there are software programs and apps that become very detailed. Another option is to make a video using your digital camera or smart phone.
Remember, the more valuable the item, the more critical it is to take a close-up picture. It will be necessary to open the drawers and closets and, in some cases, to pull things out to capture everything in the images. Having someone help makes this task much faster and easier.
A few things to consider:
Pick an easy place to start like the utility room or kitchen.
Record serial numbers of small appliances and other theft-prone items.
Keep any available receipts in an envelope with the description of the items.
A detailed record of antiques, jewelry, silver, major appliances, and collector’s items is very important.
Keep your inventory up-to-date -- be sure to add new items as you purchase them.
Be sure to include sporting goods.
Don’t forget to include power tools and detailed photos of the inside of any toolboxes, drawers or storage sheds.
Count clothing by general category (for example, 6 pairs of jeans, 15 dress shirts…)
Jewelry, art and other collectibles need accurate descriptions and valuations.
Off-site items kept in storage facilities are important to include.
There are other benefits to doing a home inventory also. You’ll know the “right” amount of insurance to have on your personal belongings by assigning replacement costs to them. It will simplify filing a claim if you ever need to.