A Great Resource to Get You Started
You never know when disaster may strike, leaving your personal possessions lost or damaged. Do you know the value of your coin collection or how many pairs of designer shoes you own? Creating a home inventory is essential to ensure you’re adequately prepared for unexpected events. It might seem overwhelming to list everything you own, but the benefits are worth the effort.
A home inventory can help you in several ways:
- Purchase Adequate Insurance: Knowing the value of your possessions allows you to select the right amount of coverage.
- Faster Insurance Claims: A detailed inventory can expedite the claims process by providing proof of ownership.
- Verify Losses for Taxes: If you experience a disaster, a home inventory helps substantiate losses for your income tax return.
- Track Accumulated Belongings: Over the years, it’s easy to lose track of what you own. An inventory keeps you organized.
How to Create Your Home Inventory
Creating a home inventory doesn’t have to be complicated. You can tailor the process to fit your needs and preferences. Here are some approaches:
Organizing Your Inventory
- Room-by-Room: Go through each room systematically, listing items as you go.
- Category-by-Category: Focus on specific types of items, such as furniture, electronics, or clothing.
- Newest to Oldest: Begin with recent purchases and work your way backward.
- Most Expensive to Least Expensive: Start with high-value items to ensure they’re documented first.
Recording Methods
- Traditional Notepad: Write down details of your items by hand.
- Photographs: Take pictures of your possessions and write information on the back of the photos.
- Digital Tools: Use a computer or home inventory apps to store and organize your list electronically.
What to Include in Your Home Inventory
For each item, include as much detail as possible. For example:
- Description: Make, model, and color.
- Serial Numbers: Particularly for electronics and appliances.
- Purchase Details: Date, place, and price of purchase.
- Receipts: Attach copies of receipts or invoices where possible.
Don’t Forget Legal Documents
It’s crucial to include important legal and financial documents in your inventory. Record details for:
- Birth certificates
- Passports
- Insurance policies (policy numbers and contact information)
- Bank account details
Safe Storage of Your Inventory
Once your inventory is complete, store it securely to ensure it is accessible when needed:
- Fireproof Lockbox: Keep a physical copy in a fire-resistant box at home.
- Off-Site Storage: Store copies with a trusted friend, family member, or in a safe deposit box.
- Digital Backups: Save electronic versions in the cloud or on an external drive.
Keeping Your Inventory Updated
To maintain an accurate inventory:
- Add new items as you acquire them.
- Remove items you no longer own.
- Regularly review and update your list, especially after significant purchases.
How a Home Inventory Helps with Insurance
Once your inventory is ready, contact our office to review your homeowner’s insurance policy. Having an updated inventory ensures your belongings are properly protected and can help you avoid gaps in coverage.
For assistance with your home inventory or to discuss your insurance needs, reach out to us:
Source: Insurance Information Institute
Reilly Insurance, Great Falls, MT, Home Inventory, Insurance, Coverage
Recent Comments