How to Create A Home Inventory List For Insurance 2023/2024 – Ultimate Guide Guide With Best Apps And Tools… See Tips For Making The Best Home Inventory List.
Creating a home inventory list for insurance purposes can help you keep track of your belongings in case of a loss, such as from a fire or theft. It can also help you determine the value of your possessions for insurance coverage. Here are some steps to create a home inventory list:
- Make a list of all rooms in your home, including the basement and attic.
- Walk through each room and make a list of all items in the room, including furniture, electronics, appliances, clothing, and other personal possessions.
- For each item, write a brief description and include any relevant details, such as the make, model, serial number, and purchase date.
- Take photographs or videos of each room and each item on your list.
- Save the list and photographs or videos in a safe place, such as a fireproof safe or a cloud storage service.
- Update your home inventory list regularly, especially after purchasing new items or getting rid of old ones.
What Is A Home Inventory?
A home inventory is a list of the personal belongings in your home. Lists typically include the item, value, and a brief description. It’s recommended homeowners and renters maintain a home inventory checklist. Household inventory can help you choose the right amount of home insurance and simplify the insurance claims process.
Why Have A Home Inventory?
There are many good reasons to spend time creating a home inventory :
- You know what you have: Maintaining a home inventory list ensures you have a strong grasp of the items in your home and their value.
- It helps you choose coverage limits: Inventory lists help you determine how much and the types of home insurance coverage you require. For example, if you have an art collection or high-priced jewelry, you may want to take out additional coverage on these items.
- Proof: A home inventory list helps you prove that you actually own the items included in your claim.
- Preparation in case of loss: You never know when a loss could occur. A break-in, fire, or loss due to severe weather could happen at a moment’s notice.
For example, let’s say someone broke into your home and stole a variety of items. Amid the stress of a .home theft, it can be difficult to determine everything that is missing. A home inventory list can help you identify these items and ensure they are included in your claim.
Keep A Home Inventory For Insurance Purposes
The main reason to have a home inventory is for insurance purposes, particularly when filing a claim. Insurance companies will ask you for an inventory list of items damaged, lost, or stolen as part of the claims process.
Having an inventory list handy will expedite the claims process and save you valuable time.
I Rent. Do I Still Need A Home Inventory?
Yes. Along with tenant insurance, it’s important to have a home inventory of your personal items.
Whether you rent a room, apartment, or condo, or are living in student housing, having an itemized list of your belongings will help you prove you owned items when filing an insurance claim if you experience a loss. Keep a detailed personal property inventory regardless of your location and living status.
How To Do A Home Inventory
There are many ways you can record your home content today. They include :
- A hard copy of home inventory: The most traditional option. Many homeowners keep a log book or binder with a complete list of personal items.
- Digital home inventory file: Keeping track of home inventory in an Excel file or Word document is a simple way to maintain a digital record.
- Home inventory photos: A home inventory photo collection is an effective visual way to track items and prove you own them.
- Home inventory video: This is an increasingly popular option. Many homeowners are now doing video walkthroughs of their homes and outlining the items they own.
The option you choose is up to you, however, it may be best to include a combination of all the above to create a thorough home inventory for insurance and personal purposes.
Tips For Making The Best Home Inventory List
Use these tips to create a quality home inventory record :
- Take photos or video: Photos and videos take your personal inventory list to the next level. They show proof your items are in your home.
- Break down the list by room: Starting a home inventory list from scratch can be a daunting task. Simplify the process by breaking down the list into rooms.
- Keep detailed records: The more detailed, the better. Include as much information as possible, especially for high-ticket items.
- Include dates: If possible, include the date of purchase in your records.
- Don’t forget about the small stuff: The small things add up. Don’t forget to include things like clothing, accessories, shoes, and grooming kits. Every dollar counts.
- Include receipts for high-ticket items: Try to keep receipts for all high-ticket items. Keep the paper copy and scan it, so you have a digital record of the receipt.
- Don’t forget the garage and outdoor property: Many homeowners forget to include personal items in the garage, shed, and backyard. Make sure to include these in your inventory checklist.
- Create backup files: Always create a backup file for your home inventory. You can photocopy a paper list, make a digital file, and store the list on a stick drive or in the cloud on Google Drive or Dropbox.
What Should I Include In My Home Inventory Worksheet?
Include these items to create a complete record :
- Name of item: Use the official product name if possible. Include brands, model number
- Description: Describe the colour, distinguishing marks, model number, dimensions
- Cost: List the price on the receipt
- Serial number (if applicable): This is common for electronics, computers, TVs, appliances
- Receipt, warranty, bill of sale: These all serve as proof of purchase
- Purchase date: Include if possible
How To Create A Home Inventory System
Writing a list of personal property on paper is not the only way to track your home inventory. Technology today allows you to create a home inventory system you can easily update. Here are some options you can use :
Free Home Inventory Apps
Today, you can use your smartphone or tablet to track your home inventory.
Apps allow you to take photos, add information about items, and sort your home inventory by room. Many of these apps also sync data online so it’s backed up.
Here are some of the top home inventory apps you can get for free on Google Play :
- Magic Home Inventory
- Shortly (for home and business)
- Encircle: Home Inventory
Online Home Inventory Templates And Excel Files
Online templates and home inventory Excel files are commonly used today. The Insurance Bureau of Canada has a useful personal property inventory pamphlet you can follow. Download it here.
Free Home Inventory Software
Home inventory software is also an option. Most come with a free trial or money-back guarantee. They allow you a little more functionality. You can create reports and view home inventory data in different ways.
Some of the popular home inventory software programs are :
- The Complete Home Journal
- Know Your Stuff
- Computerize Your Assets
When Should I Update My Home Inventory List?
There are ample opportunities to update your home inventory list. They are :
- When you buy something new: Any time you purchase a high-ticket item, it’s a good idea to add it to your home inventory. This makes it less likely you will forget to add it.
- When doing a home renovation: Making changes to your home will surely impact your home inventory worksheet. Update the list upon completion of your home renovation.
- Moving: If you are planning to move, use it as an opportunity to create or update your list as you pack.
- Annually: Review your home inventory annually, ideally when you renew your home insurance policy. With your home inventory fresh in your mind, it will help you choose the right amount of coverage.
Where Should I Keep My Home Inventory?
It’s important to store your home inventory records in a safe place, ideally outside of your home. Why? If you were to have a fire or flood, your inventory records could be lost.
Keep your home inventory in a safety deposit box and have an online backup copy. Multiple copies in multiple locations are best.
Can An Inventory List Help With Home Inventory Forms For Insurance?
Yes, absolutely! An up-to-date home inventory list will help you greatly when filing a home insurance claim. It will help you to quickly fill out home inventory forms for insurance and speed up the claims process.
Losses happen, a reason why you need to track your home contents. Keep a home inventory record to ensure you are covered.
Can I Include Images for Home Inventory List For Insurance
It’s a good idea to include photographs or videos as part of your home inventory list for insurance purposes. This can help you provide visual documentation of your possessions in case you need to file an insurance claim. You can take photographs or videos of each room in your home, as well as close-up shots of individual items on your list.
Here are some tips for taking photographs or videos for your home inventory list:
- Use a high-resolution camera or smartphone to capture clear, detailed images.
- Take pictures or videos of the entire room, as well as close-up shots of individual items.
- Make sure the room is well-lit to ensure the images are clear.
- Include any identifying marks or labels on the items, such as serial numbers or brand names.
- Save the images in a secure location, such as a fireproof safe or a cloud storage service.
Having a home inventory list with images can be an invaluable resource in the event you need to file an insurance claim. It can help you provide evidence of the value of your possessions and make the claims process go more smoothly.
Having a home inventory list can be helpful in the event you need to file an insurance claim. It can also help you determine the appropriate amount of insurance coverage you need for your possessions.
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