Creating a home inventory is a necessary step for homeowners, condo owners, and renters alike when preparing for potential insurance claims. Considering the vast amount of personal property most people possess—from clothes and appliances to electronics and kitchen utensils—having this documentation is crucial. Knowing the correct process for making a home inventory is key.
It can be quite difficult to make a home inventory when you want to file insurance claims. It may prove invaluable if you intend to upgrade or replace your belongings and even when you want to file a claim. In cases where your belongings are destroyed due to fire, you will need to create a home inventory to file insurance claims.
A home inventory lists all your possessions. It’s essential for insurance claims, allowing you to show your insurer exactly what was lost or damaged in an event. Relying solely on memory to recall all your belongings after a loss is very difficult, which is why this documented list is so important. This write-up contains all the information you need to make a home inventory for insurance claims.
How to Make a Home Inventory for Insurance Claims
It is quite easy to make a home inventory for insurance claims. This section of my write-up contains a step-by-step guide to set you on track while creating a home inventory insurance claim. Here are the step by step guideline to follow:
Step 1. Find an Easy Place to Begin With:
It can be quite exciting to find out where to begin and how to begin your home inventory process. Instead of staying in an environment that doesn’t allow you to have thinking time, look for a smaller or closed space like a closet that allows you to think well.
Step 2. File Current Purchases:
Starting with your closet may be too complex; begin with a recent purchase of any belongings lost in your home.
Step 3. Begin with Basic Details:
To make your home inventory useful, record key details for each possession. This information usually includes a description, the item’s price/value, and any other relevant characteristics that help identify it.
Step 4. Take Videos or Photos:
Anytime possible, take pictures or videos of the items in your home using your phone or digital camera to give you an easier reference. Taking pictures and video recordings of the details of every item, including close-ups of serial or product numbers, is a good option for your home inventory. It grants you easy access to the details of every item in your home.
Step 5. Document Serial Number:
Having additional details such as serial numbers and product numbers is beneficial. They can be used as a reference when filing an insurance claim. Do not forget to include these in your home inventory if possible.
Step 6. Place Your Belongings in Categories?
While recording every belonging you own, use categories to consolidate and simplify your belongings. Instead of stating each pair of shoes you own, you can simply list all the shoes you have. To make this easier, you can place them together and take a picture instead of stating each pair of shoes. However, ensure that you make note of all high-value items you own and list them separately.
Step 7. Store Receipts:
When filing an insurance claim, you may need to provide proof of purchase for the listed items, as requested by your insurance company. Ensure that you keep every receipt, sales contract, purchase order, and appraisal.
Step 8. Confirm High-Value Coverage:
For expensive belongings noted on your inventory, check with your insurance company to confirm your coverage is adequate. If your standard limits are too low, you might need to insure these high-value items individually for their specific worth using scheduled personal property coverage.
Step 9. Update as Required:
As you add more purchases and belongings to your collection or replace old items with new ones, you need to update your inventory to keep it updated. You should do this after every purchase monthly to keep your home inventory.
Necessary Items to Add to Your Home Inventory
While making your home inventory, ensure you add the following items:
- Items in storage.
- Phones.
- Appliances.
- Electronics.
- Furnishing.
- Musical instruments.
These items are most time not included in home inventory, and they will not be covered if not listed.
