A home inventory is a detailed list of items in your house that you make in the case of theft or damage. Creating a list can be time consuming, but it is better to do so now rather than trying to make one from memory later.
A home inventory list can help you:
- Buy the right amount of insurance for you and your family.
- Keep track of all the items you have in your home.
- Get paid the correct amount by your insurer for items covered under your policy.
- Get your insurance claim settled easier and quicker.
Other things to keep in mind during the home inventory process:
- Take pictures and videos of all your belongings in every room of your home. Make sure to include the contents inside of drawers and closets.
- There are many mobile app options that can help you create room-by-room records of your items.
- Keep receipts for expensive items and write down serial numbers, dates purchased, and brand names if possible.
- Keep in mind items such as toiletries, household supplies, food, wine, and liquor may all be covered as well.
- Don’t forget off-site items, such as belongings that are kept in a self-storage facility. Those should be included in your inventory too.
- Maintain your home inventory list. Add newly purchased big-ticket items to your list as you get them and review your list every year to add new purchases.
- Review your policy coverage limits annually, and make sure the limit is high enough to cover the items in your home inventory. Homeowners policies usually have limited coverage for special items like jewelry, fine art, silverware, guns, equipment used for business, and money or cash equivalents (like credit cards or gift cards). After completing your home inventory, you may want to talk to your insurance company or agent about adding additional coverage for any special items.
- Keep your inventory, a copy of your insurance policy, and proof of purchase in a secure, fire-proof location. Keep an extra copy on an external hard drive or online cloud storage.
OPIC has created a printable home inventory checklist you can use during your home inventory process.