In the event of unforeseen incidents like natural disasters, theft, or damage, a detailed inventory of your belongings can be an invaluable resource. If you have to file a home insurance claim, a home inventory can help you save time and effort, ensuring you can account for all missing or damaged items.
By providing evidence of the items lost or damaged, an inventory can help you expedite the claims process and maximize your chances of receiving fair compensation. In this article, we’ve reviewed exactly what a home inventory is, outlined several reasons you’ll want to create one, and outlined what to include to make this process even easier.
What is a home inventory?
A home inventory is a detailed and organized list of all the personal belongings and valuable items within a home. It includes descriptions, quantities, purchase dates, and estimated values of each item. In addition to the list, a home inventory often includes photographs, videos, or receipts to provide visual or documentary evidence of the possessions.
The primary purpose of a home inventory is to help homeowners keep track of their belongings, facilitate insurance claims in the event of loss or damage, aid in estate planning, and simplify relocation processes.
Three Reasons to Take a House Inventory
Here’s a closer look at why you may want to create an inventory of your belongings:
Declutter and Peace of Mind
Taking inventory of your belongings is a good way to organize and get rid of things you no longer need. It can also play a role in determining how much home insurance coverage you need.
2. Filing Insurance Claims in the Event of a Disaster
Trying to list all of your belongings after a disaster can be even more stressful during an already stressful time. Having your belongings already documented can be a huge relief and make filing a claim as simple as possible.
3. Maximize Claim Payment Because You Won’t Forget Any of Your Belongings
It can be hard to remember all of your belongings, especially if they have been lost due to a disaster. A well-organized home inventory can help you substantiate your financial losses when you file your claim.
What should you include in a home inventory for insurance purposes?
As you make your home inventory, you’ll want to consider what you’d need if you had to file a home insurance claim. You may want to categorize belongings to simplify the inventory, especially for items like clothing, accessories, electronics, appliances, furniture, and decorations. Here’s what you should include in your home inventory for insurance purposes:
Detailed Descriptions: Provide in-depth descriptions of the items, including specifics such as make, model, and serial numbers.
Date of Purchase and Receipts: Note the date of purchase and retain receipts for proof of ownership and value.
Estimated Replacement Cost: Include the estimated replacement cost of each item if you were to buy it today.
Appraisals: If items were appraised for insurance purposes, include these appraisals.
Photographs and Videos: Take photos of each room and item, especially the expensive ones, and consider recording a video tour of your home. Store physical photographs in a fire-safe box or digitally on a device that is backed with cloud storage.
Categorization: Categorize belongings to simplify the inventory, especially for items like clothing, accessories, electronics, appliances, furniture, decorations, and more.
Key Documents: Store receipts, appraisals, and any other relevant documents.
Practical Tips for Doing Your Household Inventory
Getting started on your home inventory can be overwhelming, especially if you have a large amount of belongings. Fortunately, with a few simple tips, creating this essential document can be easy and stress-free. Here are some tips to help you take a home inventory:
Room-by-Room Approach: Begin the inventory process by taking a room-by-room approach. Start with one room and systematically document the items within it before moving on to the next room.
Use Technology: Leverage technology by using inventory management apps or software to streamline the process. These tools often provide templates and categorization options for easier organization.
Detail-Oriented Descriptions: Be meticulous in your descriptions of items, including make, model, serial numbers, and any other relevant details that can aid in identification.
How SelectQuote Can Help You Save on Homeowners Insurance
Having a home inventory is a great way to get peace of mind. Not only can it help you determine if you’re properly insured, but it can also be a great relief in your time of need. At SelectQuote, we’ll take the time to learn what you need covered and can compare home insurance quotes from some of the most trusted insurance companies in just minutes. Our experienced licensed sales agents work for you, not for the insurance companies, which means you end up with the coverage you need that meets your budget.
