Give yourself peace of mind by creating a home inventory to ease the process of future insurance claims.

If your home suffers from a disaster, such as a fire or flood, one of the most valuable things to have is a home inventory. An up-to-date, comprehensive list of your possessions will help expedite an insurance claim so you can put your life back together quicker. Here’s how to create your home inventory.

Choose how you’ll keep records

For those who prefer tech tools, there a several home inventory apps available. Other options include documenting your possessions in writing, using a spread sheet or recording a video.

If your home inventory is on paper, be sure to store a copy at another location to ensure the original isn’t destroyed in an emergency.

When doing a video inventory, walk through your home and describe the contents. For example, “Samsung 43” Class 8000 Series LED Smart TV purchased in 2022 for $350.”

A digital inventory saved in the cloud can be easier to access after a home disaster than a paper copy.

What kind of information to gather

When making an insurance claim, you’ll reach a quicker settlement when you can show what you owned and its value. Your inventory should identify items, their value as well as the model and serial numbers if available. Receipts and appraisals are also useful. Also, consider including a photo of each item.

 Break the task into smaller parts

A complete home inventory can feel overwhelming. To make the task more manageable tackle one room at a time, or even one part of a room.

Don’t overlook items in storage

Remember to document items in storage. If using off-site storage, verify with your homeowner’s insurance that these items are covered by your policy; you may need to add additional coverage to cover them.

Remember to update your inventory

As you add or dispose of possessions, update your home inventory. You might do this as an ongoing process or periodically, like when you pay bills or review your budget. Other times to refresh your home inventory are after receiving gifts or redecorating.

Bonus tip: prepare financially for replacements

While doing a home inventory, you may notice some things are nearing the end of their useful life. Plan for these in your budget and set aside money in a savings account to avoid financial crunches down the road.

Consumers helps more than 2,000 members finance land, first and second homes, and home improvement projects each year. We’d love to help you with a mortgage or home equity line of credit; contact us online or call us at 800-991-2221.