If you own a home, it's important to have a complete inventory of your belongings. You may be able to claim compensation if your home is damaged due to a natural catastrophe, a fire or theft. This can also help you to determine if the homeowner's policy is sufficient.
What is an Inventory of the Home?
Home inventories are lists of all the items you own, such as furniture, electronics, appliances and other personal belongings. The inventory can be in paper or digital form and include details like the date of purchase and model numbers. You should update it periodically to reflect all significant purchases.
How should you inventory your home?
An inventory of your home is a must-have for any homeowner, particularly if you have expensive or valuable items. You should create a house inventory every year and update it whenever you make major purchases, like a new TV or computer.
Keep your inventory current because most insurance policies have limitations on what they'll pay for. For example, if you own valuable jewelry or art work, you may need to insure these separately from your homeowners policy.
The task of creating a home inventory can seem overwhelming.
Whether you're creating a digital or paper inventory, it can be intimidating to do so. That's why it's a good idea to break it down into manageable steps, starting with a small area that's easy to access and then working your way from there.
For example, if you're looking to create a digital inventory, it's a good idea to walk through your home room by room and take detailed pictures of each item. You will remember where the items are and also have a quick guide when you want to finish your list.
You may also want to keep receipts for any items on your list. This will allow you to easily prove the value of your possessions in the event of an insurance claim and also help your agent or broker assess the value of your property.
Don't Give Up if You Can't Finish Right Away
Once you've finished the initial process, there is a temptation to give up. It's important to persevere.
Begin in the Kitchen. Work your way Out
A well-organized room or enclosed area is the best place to begin a home inventories. This could be an organized closet, chest-of-drawers or cabinet that contains your most important papers.
If you have a lot of clutter, don't be afraid to throw out or donate anything that isn't useful or necessary anymore. It's a good way to free up some space and declutter your home.