What is a Home Inventory?
A home inventory is an up-to-date record of your possessions and will prove to be invaluable
should you be faced with disaster and need to file a claim. Not only does it assist your
insurance provider in verifying your property easier, but it can also speed up the processing of
your claim, making it as stress-free as possible. It is also a useful tool to ensure you purchase
adequate insurance to protect your possessions. Furthermore, you can easily verify losses from
a claim that can potentially be included in your income tax return.
To avoid your home inventory being destroyed in a catastrophe we urge you to make a back-up copy of your inventory, receipts, supporting documentation and any photos you have taken to an online storage facility for ease of access and security should the need arise.
How do I complete a home inventory?
Start your home inventory by making a list of your possessions, describing each item and noting the make, model, serial number where possible and where each item was purchased. Include sales receipts (or an estimated current value), purchase contracts and appraisals if you have them. A good idea would also be to take photos of your high-value items and electronics.
There are a couple of ways to conduct a home inventory – start with your high-value items and progress towards the less valuable items, proceed room by room or complete it by category/product type e.g. electronics. There’s no right or wrong way simply choose the method that best works for you.
Below are a few home inventory organization tips:
Remember to list high-value items such as jewelry, artwork and collectibles. These items may not be included in a standard insurance policy therefore my require additional optional cover to ensure their loss is insured at their full value
Take pictures of rooms and important individual items
Video record your home by walking through it and describing the contents throughout the house
Save an inventory list on your personal computer and keep a copy online. Alternatively, you could put your photos, inventory list and video recording in a safety deposit box
For ease of reference, organize clothing into categories
Keep your home inventory up to date – removing items you no longer have and adding new items as you acquire them
As daunting a process as it may seem, keep in mind that an inventory that may be light on details, is better than having no inventory at all.