How To Create A Home Inventory List For Insurance

A home inventory is a list of the personal belongings in your house. Lists typically include the item, value, receipts and a brief description. It’s recommended that homeowners and renters maintain a checklist of their belongings. Household inventory can help you choose the right amount of coverage and simplify the claims process.

Losses happen, which is why you need to track your contents. Keeping a record ensures you are covered.

Here is why you can benefit from having an inventory list of your belongings :

• You know what you have : Maintaining a list ensures you have a strong grasp of the items in your possession and their value.
• It helps you choose coverage limits : Inventory lists help you determine how much and the types of coverage you require. For example, if you have an art collection or high-priced jewelry, you may want to take out additional coverage on these items.
• Proof : It helps you prove that you actually own the items included in your claim.
• Preparation in case of loss : You never know when a loss could occur. A break-in, fire, or loss due to severe weather could happen at a moment’s notice.

For example, let’s say someone broke in and stole various items. Amid the stress of a home theft, it can be difficult to determine everything that is missing. Insurers will ask you for an inventory list of damaged, lost, or stolen items as part of the claims process.

Yes. Along with tenant insurance, it’s important to have an inventory of your personal items.

Whether you rent a room, apartment, condo, or live in student housing, having an itemized list of your belongings will help prove you owned items if you experience a loss. Keep a detailed personal property inventory regardless of your location and living status.

There are many ways you can record your home contents today. They include :

• A hard copy of items : The most traditional option. Many homeowners keep a log book or binder with a complete list of personal items.
• Digital file : Keeping track of belongings in an Excel file or Word document is a simple way to maintain a digital record.
• Take photos : Collecting photos is an effective visual way to track items and prove you own them.
• Create a video : This is an increasingly popular option. Many homeowners are now doing a video walkthrough of their home and outlining the items they own.

The option you choose is up to you; however, it may be best to include a combination of all the above to create a thorough list.

Include these items to create a complete record :

• Name of item : Use the official product name if possible. Include the brand and model number
• Description : Describe the colour, distinguishing marks, model number, and dimensions
• Cost : List the price on the receipt
• Serial number (if applicable) : This is common for electronics, computers, TVs, and appliances
• Receipt, warranty, bill of sale : These all serve as proof of purchase
• Purchase date : Include if possible

Writing a list of personal property on paper is not the only way to track your furniture, jewellery, or electronics. Technology allows you to create a system that you can easily update. Here are some options you can use :

Online home inventory templates and Excel files

Online templates and Excel files are commonly used today. The IBC has a useful personal property inventory pamphlet you can follow.

Free home inventory software

Home inventory software is also an option. Most come with a free trial or money-back guarantee. They allow you a little more functionality. You can create reports and view inventory data in different ways.

Some of the popular software programs are The Complete Home Journal and Computerize Your Assets.

There are ample opportunities to update your list, including :

• When you buy something new : Any time you purchase a high-ticket item, it’s a good idea to add it to your inventory. This makes it less likely you will forget to add it.
• When doing a renovation : Making changes to your home will surely impact your worksheet. Update the list upon completion of your home renovation.
• Moving : If you are planning to move, use it as an opportunity to create or update your list as you pack.
• Annually : Review your inventory annually, ideally when you renew your policy. With your list fresh in mind, it will help you choose the correct plan.

It’s important to store your records in a safe place, ideally outside of your home. Why? If you were to have a fire or flood, your inventory records could be lost.

Keep your list in a safety deposit box and have an online backup copy. Multiple copies in multiple locations are best.