The Importance of a Home Inventory

Imagine you lost everything you owned in a fire, tornado, flood or some other disaster. It’s not a fun situation to think about but one that is the reality for far too many homeowners. While your homeowners insurance would most likely cover your actual house, if you lack a comprehensive list of your belongings, you’d have to rely on your memory to figure out what else was damaged or lost forever.

That’s why a home inventory is so important. It will not only prevent you from forgetting some important valuables, it will also help to streamline the claim filing process. These three steps will help you create your home inventory in no time.

1. Pick a method.

There are many options for cataloging your possessions. There are apps for your phone like Know Your Stuff, organizational apps like Evernote and the always-reliable Excel program. Like writing it all out? You can print out an already made checklist to use as you walk through your home.

2. Take inventory.

To start, go room by room through your house and take photos and video of everything. For electronics and appliances, write down the serial numbers. Make sure to write down what’s inside all of your closets and drawers and don’t forget to take stock of what’s inside your garage, attic and other rarely used spaces.

3. Protect your information.

Back up your inventory so the information is safe and accessible even if you can’t enter your home. Store a set of hard copies off site like in a safe deposit box or at a friend/family member’s house. Digitally, store a copy in the cloud or on a thumb drive stored off-site.

Not only will a home inventory help you if you do need to file a claim, it will also let you double-check your insurance coverage. There are some types of belongings like jewelry, tools and electronics that are covered up to a set dollar limit. Double checking your coverage amounts will help you immensely if the worst does happen and ensure you will get the money you need when you file a claim.