How to Create a Home Inventory
At Morse Insurance, we think spring cleaning time is a great opportunity to take an inventory of all of your possessions. As you get rid of all that stuff you don’t need, you can easily take stock of what you have! Why, you might ask, would you want to do that? Having an up-to-date home inventory will help you and your insurance agent make sure you have the right amount of homeowners insurance coverage and can help you settle insurance claims faster. Plus, it’ll help you verify losses for your tax return in the case of a disaster.
We know it sounds daunting, especially the longer you’ve lived in a house, but there’s no time like the present to get started! We’ve compiled a few helpful tips and tricks to make sure you get the information you need and to make the process a little easier:
Download an App
Before you begin making your inventory, consider downloading an app to help make the recording process easier. There are several free apps available that you can use to make tracking your belongings even easier. We like Safeco Insurance’s home inventory app.
Do a Walk-through
Some of us have trouble remembering what we had for lunch yesterday; remembering every purchase you’ve made over the last several years can be nearly impossible. A great way to get your home inventory started is by doing a walk through of your entire house. Go room-by-room to help organize your inventory and to make sure you don’t miss anything. Don’t forget to check closets, attics, and basements!
What to Record
Make sure to track the purchase date, estimated value, and serial number (for appliances and electronics) along with a brief description of each item. Include any receipts, sales contracts, or appraisals you may have. For things like clothing and shoes, you can organize your inventory by listing the number of each item you have for each category. Make sure to note any especially valuable items.
Make It Digital
Taking pictures of your belongings is a great idea when doing a home inventory. You could begin by taking pictures of each room to include all of the items in one place and then branch out to specific items of high value. Making a video is another easy way to do your home inventory. Make a video as you walk through the house pointing out all of your belongings, just make sure to include the necessary information listed above!
High Value Items
Pay special attention to high value items like jewelry and art. Consider getting these items reappraised to see if they have increased or decreased in value, and make sure to check in with your agent to see if you have adequate coverage for these belongings. For some high value items, homeowners insurance is not enough. Make sure to ask your agent if you need a separate Valuable Articles/Floater Insurance policy for your valuables.
Once you’ve finished your inventory, give yourself a pat on the back! You’ve just taken a major step in ensuring that your home and belongings will be protected in case of a disaster. Make sure to have copies of your inventory in different places. Having a hard copy in addition to a backed up digital copy is always a good idea.
If your insurance agent hasn’t spoken to you about taking the proper steps to insure your home and the valuables inside, we think it’s time for a change. At Morse, we’re always happy to help with your insurance needs! You can call #MorseOfCourse at 800-529-1604.