If your New Year’s resolutions include getting organized, consider doing a home inventory.
Why should I create a home inventory?
Creating a home inventory gives you a record of your personal property and valuable items which you can send to your insurance company in the event of a claim. While you may not think that you have many valuable items, all the little things add up.
What should I include in my inventory?
Home inventories are not just for artwork and antiques. Important items like televisions, collectibles, memorabilia, firearms, musical instruments, jewelry, and other valuables should be on your inventory, too. What else should you include? EVERYTHING!
What’s the easiest way to create a home inventory?
There are apps that you can download to your smartphone or tablet but just taking a video is the easiest way to do it. It can be helpful to narrate the video as you go along.
Here are a few tips by room:
Kitchen – Take photos of your major appliances and if possible, scan the barcodes, QR codes, or model and serial numbers. Open all the cabinets, drawers, refrigerator, and freezer. Record everything. Don’t forget the small appliances!
Bedrooms – Closets are filled with clothes and accessories that should be included in your home inventory. If you have bins in your closets remember to include the contents of those also. If you have
some designer clothes, be sure to point them out. Again, open all the drawers and note everything in the drawers.
Den/Home Office – Include electronics in your video – computers, laptops, tablets, cell phones, and even game consoles.
Living Room – If you have the receipts for your TV, soundbar, smart home tech, etc., take a picture/video of those, too.
Dining Room – Grandma’s expensive china must be documented. Remember to get a close up of the pattern and the name on the back.
Basement/Attic – Most homeowners forget these areas, and some of your most expensive possessions might be found here. Document with care.
Garage – Any bikes, grills, power tools, lawn mowers, and outdoor furniture stored in your garage should be in your video too. Even those shelves that are stuffed with miscellaneous items, like paper towels, boxes, ladders, and coolers.
Don’t forget the linen closet(s) and laundry room.
Where should I keep my home inventory?
Making at least copies of your home inventory. Keep one in your home and the other should be kept offsite. In the cloud or in a safety deposit box. It doesn’t matter where you store it, just somewhere safe.
How often should I update my inventory?
While you should review your homeowners insurance policy annually, you should update your home inventory as needed. Did you get a new necklace for your birthday or receive an expensive gift for retirement? Make sure to add these items to your home inventory, along with a picture or video of the item. Then reach out to your agent to see if you need additional coverage.
How can a home inventory help me find gaps in my insurance policy?
Having a home inventory also helps you confirm you have the right amount of coverage or will highlight a gap that you need to cover. Most home insurance policies have sublimits or caps on the amount they will reimburse for a specific item.
Here are some typical sublimits on home policies:
Computers – $1,500
Fine Art – $2,500
Firearms – $2,000
Furs – $1,500
Home – Theater Systems-$1,500
Gold and Silver Coins – $200
Jewelry – $1,000 to $5,000
Musical Instruments – $2,500
Stamps – $1,500
After you have completed your inventory, if you have any concerns about your coverage, please call us at 770-371-8247 so we can ensure that you are covered sufficiently.