Home Inventory

To help ensure the replacement value and cost of items that are lost, stolen or destroyed a detailed home inventory can help.  An accurate home inventory can also help verify the loss to police, help the insurance adjuster, substantiate a tax credit and help you get your life back to normal as quickly as possible.

By completing a home inventory list you can determine the overall value of your belongings and then decide if you belongings are worth ensuring.  If you decide the value is worth insuring, your notes and records will help assist you in assessing their insurable value.

Take the time now to document your belongings this will save you time and worry later, it will also help ensure proper reimbursement for all your losses. 

Getting started
A good way to start creating a home inventory list is to do one room at a time.  Complete the entire room before moving to the next room and, make sure to record any items that are on the walls and/or ceiling, items such as art or light fixtures. 

Describe each item, when and where it was purchased, how much you paid for it, and the make and model, if applicable.  If it's a major appliance or electronic equipment, take note of the serial numbers and warranty information.  Keep copies of sales receipts, purchase contracts, warranties and appraisals, and file them with your inventory.

Sometimes when you enter a room you can feel overwhelmed.  You’re in the middle of the room looking around and you may not be sure where to start, don’t worry.  A simple way to start recording items and to assist in making sure you don’t miss anything is to proceed to the right or left when you entire a room, and make your way around the room until you get back to where you started.  If you take another approach that is fine, the important thing is that you have list, even an incomplete home inventory list is better than no list at all.

Know the value of valuable items
Valuable items like jewelry, art, and collectibles may have increased in value since you first acquired them.  On the other hand, items you thought may have gained in value may have in fact decreased in value or today may even be worth nothing.  There's only one way to find out: get them appraised.  You can also do your own research buy using the internet to find an approximate value.

For very valuable items it is important to have the actual appraisal and keep it with your records.  Items such as fine art, jewelry or antiques that have a high value should be discussed with your insurance agent to make sure that you have adequate coverage.  You may have to insure these items separately.

Organize your clothing into categories such as pants, shirts, coats, shoes, etc. this will make it much easier find, add or delete items.  If you purchase expensive clothing such as furs or leather goods make sure that you keep the receipts.  Organize books, albums, cds, tapes etc. the same way.  As you go through your collection keep an eye out for rare copies of work, these may be very valuable.  You may want to take more detailed notes of these items.  
 
In addition to your inventory list, you may want to take pictures of rooms and important individual items.  If you're using a digital camera, you can include the photos with your list on a CD.   Make notes with each photo about what is shown and why it's important.

Record everything
Don’t forget to look everywhere in and outside your home.  Check in the garage, storage sheds, the attic, closets and drawers.  Record everything of value.  A great supplement to your written records is to walk through your house with a video camera, digital camera or tape recorder, describing the contents.

Also remember to record information about your pets, include medical information and any information about their pedigree and if available include copies of any certificates.  If you have any fish, record the type and number of fish along with the size of the tank and its contents.  Take notes and record any rare breeds of any animal you keep in your home, birds, snakes, rabbits, etc., it’s also a good idea to record your pet on video or at least take pictures.

Keep your home inventory list up to date and safe
When you have finished your inventory list, you need to keep it, along with receipts, videos, pictures, etc., in a safe place. I suggest using a safety deposit box.  If you don’t have a safety deposit box leave a copy with all related documents with a friend or relative.  But remember, a flood, fire, hurricane that can damage your house will probably damage your neighbor's house as well.  Try to find somewhere that is geographically distant from your home.

It's important to keep your inventory current.   When you make a significant purchase, add the information while the details are fresh in your mind.  If you find updated information about the value of something you own, remember to make note of it.  Keep a running list and make a plan to update the master copy at regular intervals.  That way, you'll always have the most current information if you need it.

No matter what method(s) you choose, make sure to approach this project systematically so you don’t miss anything.  Keep a copy of your completed inventory off premises in a safety deposit box, or with a relative or friend.