Why You Need a Home Inventory and How to Make One

Can you accurately list everything in your house from memory? Most people can't, which is why having a home inventory is so important. A home inventory kept in a safe place, with receipts and purchase information if possible, will ensure you get reimbursed quickly.

Start with Big Ticket Items

If you don't yet have a home inventory, the idea of creating one can seem overwhelming, especially if you've been living in your home for a long time. So just start with one room and move to the next. Try to get serial numbers for the big ticket items and write down when, where, and for what price you purchased each item. Make sure to check closets, cupboards and storage areas and write down the items in these as well.

While some items you own have depreciated in replacement price (televisions, electronics, furniture, etc.), some items may have increased in value (such as art, jewelry or collectibles). You may need to insure these items separately. Check with your insurance agent to find out if your current policy adequately covers these valuables.

Make a Video or Take Photos

Your home inventory can be more than just a list. Take pictures or make a video of the items in your home. If you take pictures, write the item details on the back and if you take a video, narrate as you walk from room to room (what items are in the room, when and where you bought them and for how much). Adding photos or videos to a home inventory can be especially helpful if items are hard to describe on paper or for items you do not have receipts for.

Keep Your Inventory in a Safe Spot

Make sure you store your home inventory list, pictures, and/or DVD or video tape in a safe spot. While it's a good idea to have a copy of your home inventory at home, make sure you have at least one additional copy outside your home.

Keep Receipts If Possible

Receipts will help you settle your homeowners or renters insurance claim as quickly as possible. If you haven't been keeping receipts, make sure you keep them from now on, especially for big ticket items. And remember to keep receipts (or copies of them) in a place besides your home, along with a copy of your home inventory.

Shop Around for Home Insurance

If you don't have good home insurance coverage, a home inventory won't do you any good. Find a great policy for a great price by comparing home insurance quotes online from multiple companies at InsWeb today.