If you own a home, it's important to have a complete inventory of your belongings. You may be able to claim compensation if your home is damaged due to a natural catastrophe, a fire or theft. It will also allow you to assess whether your homeowners insurance is adequate.
What is a home inventory?
It is a list that includes everything in your home, including electronic devices, personal items, and appliances. The home inventory can take a digital or paper format and includes important details, such as the model and serial number of your items. It should also be updated periodically to reflect any significant purchases you have made.
What is the Best Way to Inventory Your Home?
It is important to keep an inventory, especially when you have high-end goods or expensive items. You should create a house inventory every year and update it whenever you make major purchases, like a new TV or computer.
You should keep your inventory updated because many insurance policies limit what they pay for. Insure valuable items like jewelry and art separately.
Making a Home Inventory can be an overwhelming task
It can be daunting to create an inventory, whether it's digital or on paper. This is why it's important to break the process down into manageable chunks. Start with an easy-to-access area and work from there.
If you want to create a digital home inventory, for example, you should walk through each room of your house and take pictures of every item. You will remember where the items are and also have a quick guide when you want to finish your list.
It's also a good idea for you to include any receipts, or other documentation that you may have, with each item in your inventory. This will help you prove the value in case of an insurance claim, and it can also be used to assist your agent or broker with assessing the value of the property.
Don't Give Up if You Can't Finish Right Away
Once you've finished the initial process, there is a temptation to give up. It's important to persevere.
Begin in the Kitchen. Work your way Out
To get started, it is best to focus on an organized space or room. You can start with a room or area that is organized, such as a wardrobe, chest of draws or cabinet.
Don't worry if you have too much clutter. You can donate or toss anything that's not useful. This can be a great way to declutter and free up space in your home while making sure you're only storing what you really need.