Having an Up-To-Date Home Inventory

Is your home inventory up to date?

WHY YOU NEED AN UP-TO-DATE HOME INVENTORY

A current up-to-date home inventory of all the personal items you own is important. You may find that it may even be necessary. It is an enormous help if you are faced with filing a police report or insurance claim. In these cases, the homeowner is usually asked if they have a home inventory. If not, the homeowner must reconstruct one to estimate their loss.

TRY THIS EXERCISE

Imagine you are in this position. Would you be able to make an accurate list of your belongings and their value? As an exercise, pick a room of your home. While being in another room, list all your belongings and their value that are in the room. When you’re finished with the list, go into the room and check to see how you did.

This little exercise should demonstrate the difficulty of reconstructing an accurate list of your belongings. Moreover, depending on whether you missed a lot of items you could find that you aren’t adequately compensated by insurance when you try to replace your items. This demonstrates the importance of having an up-to-date home inventory. Not only will this help you purchase the right amount and type of insurance, having an accurate inventory makes filing a claim easier.

OTHER REASONS TO HAVE A HOME INVENTORY

An accurate accounting of your belongings helps you and your insurance agent determine that your belongings are properly insured. Another reason for having a home inventory is to create a maintenance calendar for your appliances. It can also help you declutter by getting rid of items no longer needed. Over half of households do not have a home inventory. Furthermore, the majority of those who do have them, haven’t updated them with new possessions purchased since it the original list was created.

The peace of mind having a current home inventory is a strong reason for making sure yours is up-to-date. It provides confidence that you keep your home and possessions financially organized and prepared. This should help if you need to prove the true value of your losses. It will also help you and your family return to your normal life after an unsettling event.

A HELPFUL WAY TO BUILD YOUR HOME INVENTORY LIST

Download our Home Inventory for more tips on creating one along with alternatives for documenting your belongings. It will allow you to take pictures and list individual items along with values. You can enter the information and images directly into the PDF so you can be stored safely in your online cloud storage once you are done.