How to Create a Home Inventory (And Why You Should)

How to Create a Home Inventory (And Why You Should)

Being a homeowner can be extremely rewarding, but keeping your home secure is a huge responsibility. If you’ve ever watched the news and seen someone in the tragic position of losing their home or valuable possessions, you may wonder how you can protect yourself in the event of an unforeseen adverse event.

By being proactive and taking certain actions now, you can help ensure that your home and belongings are protected, no matter what.

What Is a Home Inventory?

Essentially, a home inventory is a living catalog of the valuable items and possessions within your home. Farmers Insurance recommends including every valuable you own; this could be anything from heirloom jewelry to your art collection to expensive items of furniture.

Detailed home inventories include descriptions, pictures, serial numbers, purchase dates, estimated purchase prices, and appraisal values. Additionally, you should update your home inventory list regularly in order to re-evaluate both new and old items. In the event of an accident or property loss claim, having an updated home inventory will help you accurately report any losses and reduce the inevitable stress of trying to remember minute details.

Why Do You Need a Home Inventory?

Attempting to recall from memory what you’ve lost after unexpected events like fires, burglaries, or natural disasters can be emotionally exhausting and feel nearly impossible. During such a difficult time, it can be even harder to sort through the fog and keep track of what you need to report for insurance purposes.

If you only have general descriptions of items lost, it’s likely that your insurance company may reimburse you for the cheapest possible option. If your possessions are worth more than the lowest market value, a home inventory can help ensure that you receive what your items are really worth.

Make It Simple

Creating a home inventory may seem overwhelming at first since there are so many items to include. Because it’s important to work on every floor of the house, including basements and attics, creating the entire inventory can be a time-consuming process. To save yourself both time and hassle, look for shortcuts to make the process more efficient. These can include:

Worksheets provided by your insurance company.

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