Do you have a home inventory created? If you answered no, let us ask you a few simple questions.

  • Would you be able to create a detailed list of ALL your belongings?
  • Can you remember makes, models, and serial numbers of all your appliances?
  • Do you have any idea how many jeans, jackets, shorts, t-shirts, etc. you have including brand names and purchase prices?
  • Do you know how much it would cost to replace EVERY item at your home?

Everybody is different, and it is possible that there are people who can do that. However, most of the people have no idea how much things they have. A simple description of the items at your household can save you thousands of dollars and guarantee the payout you deserve.

What is a Home Inventory List?

The home inventory list is a complete breakdown of personal belongings within a household. The most important part is that this list should include every item in your home, condo, or apartment. A more detailed description of each item can help you get the money you need to replace the item in case of a covered event. There are different variations of the lists, but there are general principles that can help you organize the home inventory. A home inventory list can be categorized by room, type of item, collection or any other criteria that would make it easier for you to cover all the items.

The secret to a successful home inventory list is to include as much information as possible about the item:

  • Description
  • Make, Model, and Serial Number if applicable
  • Purchase price
  • Purchase location or website
  • Date of Purchase
  • Photos of the item
  • Receipt if possible

Items that cannot be replaced such as art, collections, or antique should be discussed with your insurance carrier and may require a separate floater.

Why Should You Create a Home Inventory List?

First and the most important reason to have an updated home inventory list is to have an idea about the value of your personal belongings

Understanding the value of personal belongings will help you get the right coverage and right insurance.

It also helps you prepare for unexpected emergencies. If you need to file a claim, an up-to-date list will allow you to receive the right amount of money from your insurance carrier, as well as speed up payment.

Best Practices for Creating Your List

Any means of creating a home inventory list can help you achieve a piece of mind. But there are some simple steps that can help you organize the whole process.

  • Create a digital list, either in PDF or Excel, and include all necessary information in there
  • Take photos of the items with brand names and serial numbers if applicable
  • Record a walk-around video of your home, visiting each room, and opening each drawer and cabinet
  • Upload all the information on two flash drives. Keep one in the fireproof safe, and keep another one in a location other than your home
  • Create a cloud account specifically for your home inventory, and upload all the files in there
  • Update list every 6 months, or after a big purchase

Another important thing to remember is to avoid including the address of your house on any of the documents related to home inventory, in case it falls in the wrong hands.

There are tons of cases each year when the insurance company declines to pay insured customers a full amount without a home inventory list. Often victims of the fires or other unexpected events are required to create a list based on what they remember. Trying to remember all of your belongings under the pressure will definitely make this list smaller than it is supposed to be. It is also important to consult with your insurance advisor in order to find out which carriers offer full reimbursement without a home inventory list.

Personal Insurance




Why You Need to Create a Home Inventory List

Why You Need to Create a Home Inventory List