How to create a home inventory

TIPS FOR CREATING A HOME INVENTORY

Here are tips to help you get started – and finish – your home inventory.

• The main thing to remember when creating your home inventory list is to take your time. Accuracy is more important than speed.
• Instead of looking at your entire home at once cut the job into manageable bites. Beginning with one area of your home, such as your kitchen or a single closet, is a good way to get started.
• Break belongings down into categories. For example: List your clothes as shirts, skirts, pants, and shoes. And categorize appliances by their function, like cooking or entertainment. This will help you track what you have and haven’t listed and make updating your list later much easier.
• Be descriptive and list details for each item as possible. Color, make, model/model number, where bought, and the price paid can all be important details if you are trying to replace items lost in a fire or burglary.
• Record the serial numbers on any appliances, firearms, watches and other items.
• If you have big-ticket items such as artwork, collectibles of any type of jewelry, consider having them appraised or reappraised. You can then list the values in your home inventory. Values can vary greatly over time and establishing current worth will help you avoid being underinsured. Some categories of items (such as a diamond ring or other fine jewelry) may require a special rider to be fully covered.
• When possible, list prices on sales receipts, sales contracts or other documentation. This helps you establish value in the event of an insurance claim.
• Take pictures or shoot videos of items as you do your inventory. Pay special attention to items of greater worth. Jewelry, firearms, collectibles and similar items should be recorded in detail while items of lesser value like small appliances can be recorded in groups.
• Use a mobile app or website service to assist in creating (and later updating) your inventory. Many of these make it possible to keep an electronic copy of your list on an online storage account where it will be safe from harm. But even a written home inventory list can prompt you to get started.
• Keep your list updated. Once completed, be sure to keep your home inventory updated. Remove items that have been discarded. Add any new purchases or gifts you may have received.
• Keep a copy of your household inventory in a secure location outside the home. Rent a safety deposit box, or keep a copy at your office or at the home of a trusted friend or family member.
• Your inventory will be of no value if it gets washed away in a flood or destroyed in a fire.

It can be a little time-consuming to create, but once your initial inventory is completed, it is a simple matter to keep it updated but very important that you do so.

At a minimum, review your inventory annually. Consult with your independent insurance agent about any items of greater value that may have been added and your overall level of coverage.