Maintaining a Home Inventory

You don’t ever expect that a fire will burn down your home, and, chances are, it won’t. But if disaster does strike, you want to be as prepared as possible. For one, you should make sure that your household has an evacuation plan that you practice on a regular basis. Another precaution you should take is installing smoke alarms in all major areas of your house and testing them regularly.

Equally important is to maintain an up-to-date home inventory of all of your personal belongings. This inventory should be stored in a safe location where it would be unharmed in the event of fire or other damage. A home inventory is critical because it is the key to getting fully reimbursed for your personal possessions in the event of a covered loss. Without a home inventory, the reimbursement process could be difficult and slow. You probably can’t name every single item in your home from memory, which is why it’s a good idea to create a home inventory. If you can, try to also supplement your home inventory with purchase information and receipts.

Standard Home Inventory

If you don’t already keep a home inventory, beginning one can seem like a major undertaking, especially if you have lived in your house for a while. Ideally, you should begin your inventory when you’re starting out in an apartment or first home or when you move into a new home. However, it’s still possible to create one even if you’ve lived in your home for a long time. Take the inventory one room at a time to make it more manageable. Keep in mind that even an incomplete inventory is better than none at all. Write down every item you see in each room. If you can, get the serial numbers and purchase information for items of significant value. Don’t forget to look in cupboard, closets, storage areas, etc.

Use Pictures or Video

A photographic or video inventory of your home will help your cause even more when you go to make a claim on your home insurance policy. If you use pictures, note on the backs of the photographs the details of the items it contains. If you use video, narrate it as you walk from room to room, noting the purchase price of the item and when and where you bought it. Pictures and video can be especially useful if you have items that are difficult to describe in writing or for items for which you do not have a receipt.

Keep the List in a Safe Spot

Your inventory won’t do you a lot of good if it’s not kept in a safe spot. Although you might want to keep one copy at home, you should also have a copy stored outside of your home. If you only keep a copy in your home and some disaster strikes your property, there’s a good chance your inventory could be destroyed as well. You might keep copies of your inventory at a friend or relative’s house, at work, or in a safe deposit box.

Additional Resources

• How Do I Take a Home Inventory & Why?

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