What Is Home Inventory?

When you purchase a homeowners policy you should create an up-to-date home inventory to expedite a claim settlement if you ever need to make one.

With a complete home inventory, your insurance company can verify property easier, which makes settling your claim faster. This also allows you to easily verify losses for your income tax return with an updated home inventory.

Start your home inventory by making a list of your possessions; describing the item, noting the make and model, and where the item was purchased. Include sales receipts, purchase contracts and appraisals if you have them.

A few home inventory organization tips:

– Remember to list expensive items like jewelry, artwork and collectibles.
– Take pictures of rooms and important individual items.
– Videotape your home by walking through it and describing the contents throughout the house.
– Save an inventory list on your personal computer and store it on a separate disk or drive.
– Put a copy of your photos, lists and videotape documentation in a safety deposit box.
– There are new technologies to help with your home inventory including apps for your smartphone, tablet or computer.

Going through this process may seem tedious but will allow for a faster settlement if you ever have to make a claim.