A home inventory can help determine your insurance coverage needs, and updating it regularly can prevent you from becoming underinsured. In addition, a home inventory can be a valuable resource should you need to file a home insurance claim by serving as a record of your personal property.
Steps to Create an Effective Home Inventory
Creating a home inventory involves several steps to ensure that every item is accounted for and properly documented. This process can be broken down into three main parts: capturing a room-by-room record, documenting important items and adding notes and details. Each step plays a key role in creating a comprehensive inventory that facilitates the claims process and protects your assets.
Start with a Room-by-Room Record
Begin your home inventory by documenting items in each room methodically. Creating a room-by-room record helps ensure that no area or valuable item is overlooked. Begin with one room and move through the entire house, making sure to include often-forgotten spaces like closets, utility rooms and detached structures and items stored in less visible areas.
While moving through each room, note the condition, value and purchase information for each item. This detailed approach can help you keep track of your possessions and provides valuable information to simplify the claims process in case of a loss.
Capture Important Individual Items
Documenting entire rooms is essential, but capturing individual high-value items is equally important. Pay special attention to items like antiques, art, jewelry, collectibles and electronics. High-value items may need separate documentation to ensure a more accurate valuation.
A practical method for capturing high-value items is to take a video tour of your home. Walking through your home and narrating details of each high-value item creates a credible visual inventory that complements written records.
Add Notes
Adding detailed notes to your home inventory helps ensure its effectiveness. Include key information about each item, such as the make, model, serial number, dollar value, store and purchase date. Including purchase receipts and photographs can further substantiate the value of your possessions and provide clear evidence of ownership, both of which are invaluable during the insurance claim process.
Use Technology to Simplify Your Home Inventory
Technology can assist you in creating a detailed and efficient home inventory. Mobile apps like Itemtopia or NAIC Home Inventory can simplify the creation and maintenance of a digital home inventory. These apps often feature photo uploads, descriptions and barcode scanning, which can simplify tracking and documentation.
Similarly, creating a spreadsheet to manage your items can make the inventory process more efficient. If you have fewer items, it may be easy to create this document yourself. For a more comprehensive inventory template, you can use this online template from United Policyholders.
Storing and Maintaining Your Home Inventory
Creating your initial home inventory is only the first step. Inventory storage and maintenance are just as important. This ongoing process keeps your inventory current and can help you ensure that your insurance coverage reflects the value of your possessions.
Storing Physical Records
Regardless of format, your home inventory should be stored in a secure place. Use a fireproof safe or safety deposit box to protect physical records from damage or loss. These secure storage options make your inventory accessible yet protected from potential hazards.
Regular Updates and New Purchases
Regular updates are essential to maintain inventory accuracy. Revise your inventory whenever you acquire new items or dispose of old ones, and discuss key updates with your insurance advisor to ensure your coverage protects the full value of your belongings.
Backup Copy
Additionally, having a backup copy of your home inventory can help with recovery in case of loss or damage. A backup copy should be stored securely in a different location than the primary copy.
Is your home protected?
Protecting your home and possessions is a crucial aspect of homeownership. Creating and maintaining a home inventory can help you prepare for the unexpected, but having the right insurance coverage is even more important.
If you need coverage to help protect your dwelling and personal belongings, Higginbotham can help. Talk to one of our home insurance specialists today to learn more about our personalized approach to insurance.
