Tips for Making Your First Home Inventory

Suggestions to help you with your home inventory.

If you’ve just secured homeowners insurance, then your agent has probably advised you to make a home inventory.  However, because this task is so tedious, many homeowners put it off as long as possible.  Unfortunately, not having an updated home inventory can cause issues with your insurance.  Here’s why it’s so important to have a home inventory and some helpful tips for creating your first one.

Home Inventories Help with Insurance Claims

Having an updated home inventory is essential to managing your homeowners insurance.  This is because your inventory is a comprehensive list of all the items you own.  In the event of an emergency, you can reference your inventory to see which possessions you need to file a claim for.  Your inventory also documents the value of each item, which helps you secure an adequate amount of personal property insurance.

Tips for Creating Your First Home Inventory

The idea of documenting every item you own is daunting.  However, there are some steps that you can take to make this process as painless as possible.

  • Go room to room when creating your inventory. Do not forget to include the items in your basement, attic, and other often-forgotten storage areas.
  • Don’t try to finish your inventory all at once. This is a big job that’s best tackled over a longer period of time.  Work slowly to avoid careless mistakes and frustration.
  • While your inventory should include every item in your possession, be particularly meticulous when documenting valuable items such as jewelry, artwork, collectibles, electronics, furniture, and so on.
  • Your inventory should include as much information about each item as possible. For instance, you should include photos, receipts, and a written description of each possession whenever possible.
  • For your high-value items, you should also include an appraisal report, so you can show that an expert verified the item’s listed value.
  • Every year, you should update your inventory, making sure to add any new items that you have acquired and removing any old items no longer in your possession.

Storing Your Inventory

After creating your inventory, you need to make several copies and keep them in secure locations.  For instance, you should keep a physical copy in your home and a digital copy on your devices.  This way, you can access it immediately following a claim event.  You should also ask a trusted family member or friend to keep a copy of your inventory so you can access it if your home is completely destroyed, and you cannot reach any of the copies you have stored in it.

This is why homeowners need to create and update their home inventory.  Do you have further questions about your inventory?  If so, then contact the experts at James Page Insurance.  We are ready to assist you with all your coverage needs today.

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