Do you have an inventory of everything you own? Here’s why it is important. A storm causes lightning to strike your home. It catches on fire. In a matter of minutes, the home is facing significant damage. Firefighters get the fire out. But, the fire, smoke, and water damage is significant.
Think about it – could you remember every item in your home? Could you list out these items, and their value, to the home insurance agent? Most people could not. However, having documentation of this can be very helpful.
What Should Be in Your Home Inventory? 
Work through the home. Find all types of significantly valuable items you own. Create a list of them. Use photos or video to document the items.
Everything you own should be a part of this inventory. This includes all of your clothing. It includes items stored in your attic. Even the boxes in the basement should have an inventory of what is in them. It is essential to focus on items of value. These are often a bit more difficult to replace. Generally, you don't need to list commonplace items like toiletries.
How Should You Document Items?
To come up with a list of property, you have several methods available to you.
There are apps you can use to do this. You can also create a spreadsheet. Most people have a list with photos of the items they own. It does not matter what you use. However, you do need to be thorough. Here are some guidelines to follow.
- Create a description for any item. Be sure it lists the name and age if applicable.
- When possible, maintain receipts. This is important for large value items.
- Take a photo. Use a video. The key here is to capture your ownership of the item.
- Write down the value of items when possible. This may be how much it would cost to replace these items.
- Keep an ongoing log. This way, when you buy new items, you can continue to maintain your home inventory.
- Store it away from your home. Bank deposit boxes are a good option for paper documentation.
- Invest in cloud storage for your files. Photos and descriptions stored in the cloud are accessible anywhere.
Talk to your home insurance agent. He or she may offer recommendations for this process. Some agents need more detailed information about your personal property. Anything of high worth needs extensive documentation. You may need more coverage on your insurance plan for these high valued items.