Ever wonder what the value of the stuff in your home is worth? Here’s how to find out and make a home inventory list.
Making a home inventory or a list of everything you own may seem like a daunting task, but there are many ways to get started that don’t have to feel like such a chore. You might ask yourself, why bother? Is it really worth making a home inventory list? When is a home inventory going to be used for insurance? Every homeowner, condo owner or renter should have some form of a home inventory list. Let’s start with what a home inventory list is, and then some tips on how to make one from the easiest way to options for apps with more detail.
What Is a Home Inventory List?
A home inventory list is a list of the items or personal belongings you have in your home, condo or apartment. The list can be categorized by room, type of item, collection or other relevant criteria. A home inventory list should include as much of the following information for the items as possible:
- Description
- Make, Model or Serial number if applicable
- Description of the item
- Evaluations of items, Appraisals or cost at the time of purchase
- Where the item was purchased
- Date of purchase
- Receipts or photos in an attachment if relevant
- May also include what you think it will cost to replace “today” if you have this information. (What you bought on sale, may not be on sale at the time of loss)
- Items which are antique, or irreplaceable should be discussed with your insurance representative to find out how to itemize them and how (or if) they will be paid in a claim
Reasons to have a home inventory list:
- Understand the value of your personal belongings or “stuff” to make sure you have the right kind of insurance.
- Be prepared so you can get paid quicker in a claim and avoid the hassle of doing it under pressure
When to Make a Home Inventory List?
The best time to make a home inventory list is right NOW. Even a basic list is better than nothing and will give you a head start on a claim. If you are a first-time home buyer or getting your first apartment or condo, having a list or going through the process of starting one will also help you understand:
- How much insurance you need?
- What kind of insurance you need?
Next step: After you’ve taken your inventory, learn how much homeowners insurance you need.