Having an itemized list of all belongings is crucial to recovering them through insurance, in case they get destroyed or stolen. A home inventory will help property owners buy the right amount of insurance, check losses for the income tax return and settle the insurance claim faster.
Things property owners should do to create a home inventory:
- 1. Write the list in a notebook, a spreadsheet or inventory app. Photos and clips of all household items should also be included.
- 2. For each important item, a description, the purchase date, estimated value and serial number (if applicable) should be included. Any sales receipts, appraisals or purchase contracts can be added, as well.
- 3. Organize the list by going from room to room and listing the items by category (e.g. for clothing: coats, shirts, pants, etc.).
- 4. Take pictures of whole rooms and individual items if they’re move valuable. Add descriptions to the back of photos or in the files’ details, if they’re digital.
- 5. Optionally, videotape every room in detail and talk about the contents thoroughly. A faster way is to lay out the most valuable possessions on the floor of each room and then describe each item while recording.
- 6. Save the receipts of future purchases and clip them to the list. Receipts give the exact value of an item, eliminating the guesswork.
- 7. List the serial numbers of electronic equipment and major appliances. The numbers can be found on the back, bottom and sometimes inside these items.
- 8. Jewelry, art work and collectibles are usually more valuable and may require separate insurance. Property owners should talk to their agent to make sure that these items have adequate insurance.
- 9. Protect the inventory list by storing it in a safe deposit box, if it’s a physical document. If it’s a digital file, it should be backed up on a secure online storage account or an external drive.
- 10. Update the inventory, photos and videos at least once a year or immediately after making a new purchase.
For more information regarding home inventories, the insurance agent should be contacted. He or she can provide the best recommendations on how to create and manage a list of valuables.
In the event of a disaster involving water, fire or mould, the PuroClean team is ready to come to any property’s rescue.