If a loss occurred today, would you trust yourself to remember every item in your home and the approximate value of each item? If you are like most people, it would be very difficult. An accurate inventory and proof of ownership at the time of a loss can make the claim settlement process easier and faster.
Your homeowner’s insurance provides coverage for the contents of your home, up to the limit you selected with your insurance agent. In the event of a covered loss, you would be expected to provide a list of all your personal property that was damaged or stolen, along with its estimated value and age at the time of loss.
Getting Started
A good home inventory includes a detailed list of your possessions, including receipts, descriptions and photos of your home contents.
- Group your contents/possessions into logical categories (e.g., by room in your home, hobby, etc.).
- Be specific (e.g., Sony 42inch flat panel LED television) by cataloging all serial numbers and saving all manuals.
- Keep a detailed record of antiques, jewelry, manor appliances and collector’s items and have any valuable items appraised.
- Photograph or videotape each room in your home, including inside closets, storage buildings, the attic and garage. Do so by opening drawers and photograph the contents. Then label and date when the photographs or videos were taken.
- Don’t miss items rarely used such as holiday decorations, sports equipment and tools.
How to Store your Home Inventory List
- Keep a copy in a safe deposit box or fireproof container.
- Give a copy to a trusted family member who doesn’t live in your home.
- File a copy with your insurance agent.
- Email a copy to your workplace.
It is a good idea to update your Home Inventory List annually to include any new items that have been added to your household and to remove items that you no longer have. You may want to update it whenever you purchase high value items. With a properly maintained inventory of your possessions, you can ensure you are maximizing value on your insurance claim.
