Tips on Creating a Home Inventory

Why do you need a home inventory?

A detailed, home inventory list can serve as a helpful resource when it comes to determining the right amount of personal property coverage to best fit your needs. By taking your personal belongings into account, you will have an estimation of what it may likely cost to replace or be compensated for an item in the event of a covered loss. A home inventory can also be beneficial because if your items are lost, stolen, or damaged by a covered loss, you will have a comprehensive list of what may need to be included when filing a claim. This will help you file a claim faster and likely expedite the claims process with your insurance company. When filing a claim, make sure to consider the replacement cost of the property vs. its current actual cash value (actual cash value takes into consideration depreciation based on age and condition). It is recommended that greater detail be documented on higher-valued property.

How do you make a home inventory?

There are several ways to complete a home inventory, so when creating yours make sure you are choosing the one (or multiple) that will be the most useful for you:

• Pen and Paper: You may write your items down in a notebook or loose-leaf pages.
• Pros: easy to update and reference, no digital navigation required, free
• Cons: must keep it in a place where it will not be damaged or lost, not searchable

• Digital: There are home inventory mobile apps that allow you to keep a catalog of your possessions inside the app.
• Pros: easily searchable, barcode scanning feature, easy organization
• Cons: may have a subscription cost, limitations of the app

• Video or Photo Inventory: Walk through your home and take inventory with a camera either in video or photo form.
• Pros: see each item in physical state, great tool for insurance claims
• Cons: not searchable, cannot see all items at-a-glance, difficult to find individual items

Pro Tip: Using a template that is already created can help you narrow down what needs to be included. Microsoft Office offers several options to choose from.

Disclaimer: This information is only a general description of coverage and is not a statement of contract. All coverages are subject to the exclusions and conditions of the policy and endorsement(s) when applicable.