While it can be a process to create one, having a home inventory is something you’ll be thankful for when you apply for home insurance and if you have to file a home insurance claim. Learn about the importance of having an updated home inventory and how it affects your home insurance coverage.
What is a home inventory?
A home inventory is a list of your personal belongings along with their estimated financial value. Valuable items such as furniture, electronics, jewelry and other essentials should be included. This can simply be a written down list or could also include receipts and photos of your belongings.
Three Reasons to Take a House Inventory
- Declutter and peace of mind
Going through and taking inventory of your belongings is a good way to organize and get rid of things you no longer need. It can also play a role in determining how much home insurance coverage you need.
- Filing insurance claims in the event of a disaster
Trying to list all of your belongings after a disaster can be even more stressful during an already stressful time. Having your belongings already documented can be a huge relief and make filing a claim as simple as possible.
- Maximize claim payment because you won’t forget any of your belongings
It can be hard to remember all of your belongings, especially if they have been lost due to a disaster. A well-organized home inventory can help you substantiate your financial losses when you file your claim.
What Should Be Included in a Home Inventory For Home Insurance Purposes
As you make your home inventory, you’ll want to consider what may be needed if you had to file a home insurance claim. Here’s what you should include in your home inventory for insurance purposes:
- A description of each item, including make and model if applicable
- The estimated value of each item
- Purchase date
- Receipts
- Serial number
Practical Tips for Doing Your Household Inventory
Getting started on your home inventory can be overwhelming, especially if you have a large amount of belongings. Here are some tips to help you take a home inventory:
- Organize your list by room
- Organize your list by types of items (furniture, kitchen items, jewelry, artwork, etc.)
- Take photos/videos
- Use a home inventory app
How SelectQuote Can Help You Save on Homeowners Insurance
Having a home inventory is a great way to get peace of mind. Not only can it help you determine if you’re properly insured, but it can also be a great relief in your time of need. At SelectQuote, we’ll take the time to learn what you need covered and can compare home insurance quotes from some of the most trusted insurance companies in just minutes.
