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7/29/2011 - Conducting a home inventory

Homeowners should take an inventory of their belongings.

In the life of the average homeowner, families obtain a tremendous amount of material possessions. But according to the National Association of Insurance Commissioners, nearly half of homeowners don't have an inventory of their belongings.

Having an inventory makes it easier to file an accurate claim if there is a fire or other disaster. The NAIC offers several tips on what every home inventory should include.

For instance, the NAIC says every list should definitely include the home's most expensive items. These typically come in the form of gifts or are purchased on special occasions. Examples include jewelry, fine art and electronic devices.

As important as these items are, though, NAIC says an inventory should also include belongings that are infrequently used or are less costly, such as seasonal furnishings and tools.

Finally, NAIC recommends homeowners photograph each item that's being accounted for, particularly the expensive ones, making sure to attach a document with each picture that estimates the item's purchase price and value.

While conducting a home inventory may be time consuming, the effort will be well worth it should one need to file a homeowner's insurance claim.

To download a checklist from NAIC, click here.

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