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Inventorying your home for insurance purposes is a crucial step to ensure that you have adequate coverage in case of unexpected events such as theft, fire, or natural disasters. Here are some best practices to consider when creating an inventory.
Take It Slow and Steady
Start today, but don’t try to do this all at once. We recommend breaking each step into a different day to avoid rushing and ensure accuracy.
Step 1: Photograph Rooms
Go through your home and take pictures of every room in your house. Take photos from various angles to capture all walls and spaces.
Step 2: Detailed Video Recording
Pick one room in your home and meticulously video it. Video-record every wall, every inch of floor space, open every drawer, and open every cupboard.
Step 3: Repeat for All Rooms
Continue video recordings of all rooms, including often overlooked areas like bathrooms, basements, garages, closets, outdoor spaces, and attics, until you’ve recorded every room in your home.
Step 4: Organize Visuals
Create a dedicated folder in your photos app to store all images and videos for easy retrieval.
Step 5: Dedicated Email Account
Establish a unique email address (e.g., smithfamilyhomeinventory@emailprovider.com) solely for sending home inventory materials to. Avoid using it for other purposes.
Step 6: Maintain Documentation
Forward receipts of purchased items that are in your home from your personal email to the dedicated inventory email for easy access to purchase history. This includes clothes, furniture, toys, books, appliances, jewelry, etc. Don’t forget physical receipts, invoices, and appraisals. Photograph and email these hard copy documents to your inventory email.
Step 7: Create a Spreadsheet
For each item, document a detailed description including brand, model, serial number, and any other relevant information. Also, include the purchase date, purchase price, and current value. If you need help getting started, we've created a free home inventory template you can access below:
Consider the replacement cost vs. the actual cash value. Replacement cost coverage reimburses you for the cost of replacing items with similar ones at today's prices, while actual cash value takes depreciation and appreciation into account. This is particularly important in regards to expensive items like electronics, jewelry, art, antiques, and other valuables. Consider getting separate appraisals for high-value items to ensure accurate coverage.
Group similar items together, especially if you have multiples of the same item. For example, if you have a collection of books, you can list the total number of items rather than listing each one individually.
Keep a copy of your inventory documentation in a safe location away from your home. This can be a digital copy stored securely online, with a trusted friend or family member, or in a safety deposit box. Storing it in more than one location is ideal.
Step 8: Update Regularly
Your home inventory should be a living document that's updated whenever you make new purchases or acquire new items to maintain accurate coverage over time.
Step 9: Review Your Policy
Did you know 2 out of every 3 homeowners nationwide are underinsured? Regularly review your insurance policy to ensure that your coverage aligns with your home inventory. If you make significant changes to your inventory, inform your insurance provider to adjust your coverage if necessary.
Remember that the goal of creating a comprehensive home inventory is to provide accurate information to your insurance company so they can properly evaluate your coverage needs and provide appropriate compensation in case of a claim.
