Why A Home Inventory Is Important

Why A Home Inventory Is Important

You’ve bought insurance to cover your worst-case scenario. But insurance is just part of the equation. Many people give no though about how things are valued or accounted for. Taking an inventory of your possessions is the other part of the solution.

In case of theft, loss, or damage, you know what items to claim, helps prevent a delay in your claim. Some emergencies or tragedies that result in loss can have a deep impact on your life. Having an inventory of your belongings will keep you from having to remember what you had or the details about them during a difficult time. Here are some questions to consider when creating a record of your home inventory:

What System Will You Use?

Besides deciding what you would want to be replaced, figure out what process for cataloging works best for you. For example, you can make a spreadsheet or take videos and pictures using your smartphone. Consider having a digital and hard copy catalogue in case something happens to one or the other. The good thing about putting your inventoried items in a database is that you can sort them by room, alphabetical, etc., making it easier to sort and search for individual items.

Check with your insurance company, they may have an app or online form. You can also find free home inventory spreadsheets online.

Where Should You Start?

No need to get yourself get overwhelmed. Organize your inventory by room. Start with a small closet or the kitchen. Make a habit of updating your inventory when you buy something new or get rid of something. This will keep the task simple and efficient.

What Should Your Inventory Include?

Ask your insurance agent what documentation will be needed to make a claim. You may need to add receipts, purchase contracts, basic descriptions, serial numbers, make and model, and estimated cost in your records. This is where the inventory does its job. You can provide item information and photos/video to help with your claim.

How Can You Keep The Inventory List Safe?

Store your inventory in a fireproof safe, an external drive, or an online storage account. Be sure it is a place that is easily accessible. As mentioned, having a physical copy and a digital copy is recommended.

Hopefully, you won’t have an emergency that requires you to file a claim. But if you do, you’ll appreciate that you are prepared.

*Credit to Texas REALTORS® magazine

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