Be ready if you need to prove the value of your possessions

Making a list of everything you own may seem like a daunting task, but there are many ways to get started on a home inventory that don’t have to feel like a chore. Especially for insurance purposes, every homeowner, condo owner, or renter should have some form of a home inventory list.

Key Takeaways

• Your home inventory list should include just about everything in your home, and you’ll need it on hand if you ever have to make an insurance claim.
• It might seem daunting but, include as much detail about each item as possible, such as your date of purchase, serial number, and model number.
• Walk through your home and make a video or take pictures of everything. Don’t forget to open closets and drawers.
• Free home inventory apps are available to help you along and provide guidance, and many will export your finished list to your other devices.

What Is a Home Inventory List?

A home inventory list is a list of the items or personal belongings you have in your home. The list can be categorized by room, type of item, collection, or other relevant criteria. A home inventory list should include as much of the following information for the items as possible:

• Description of the item
• Make, model, or serial number if applicable
• Appraisals or cost at the time of purchase
• Where the item was purchased
• Date of purchase 
• Receipts or photos in an attachment, if relevant
• Estimated replacement cost if you were to buy today

Why Do You Need a Home Inventory List?

The main reason to have a home inventory list is to be able to prove your loss and get paid for items lost if you have to make a claim.

Any time you will want to make a claim, the insurance company will ask you for a list of things lost.

If you miss items on your list or don’t know the details, you might not get paid enough money, or you might not get compensated at all. When you have a major claim, it can be difficult to remember everything, because so much is going on. Having a list ready means one fewer thing to think about.

Keep Your Home Inventory List Safe and Accessible

Having a home inventory is important but, keeping it in your home might not be the best idea. Technology provides options to store information in the cloud or a place accessible from anywhere at any time. It’s no longer necessary to keep a home inventory in a safe deposit box or give a copy to a friend. (Of course, you still can if you choose.) Make sure that you:

• Understand the privacy settings and security of the service you choose
• Keep your information private and not publicly accessible
• Keep your home address off your inventory list—in case it falls into the wrong hands

Under what circumstances would a property insurance claim be rejected?

Your insurance carrier could deny your property claim for a variety of reasons. Possible causes for a claim denial include instances when damage is not due to a covered event, you haven’t paid your premium, or you didn’t disclose adequate information when you opened your policy. Your insurer could also deny a claim if it determines that the damage was intentional.

Reposted from Mila Araujo

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