Home Inventory

Before a catastrophe strikes and you're faced with a loss, make a home inventory - lists, pictures or a videotape of the contents of your home. After all, would you be able to remember all the possessions you've accumulated over the years if they were destroyed by a fire? Having an up-to-date home inventory will help you get your insurance claim settled faster, verify losses for your income tax return and help you purchase the correct amount of insurance. From a National Association of Insurance Commissioners news release (May 31, 2008), nearly half of Americans do not have a home inventory and are unprepared for disasters:

As the nation braces for the hurricanes, wildfires, tornadoes and floods that accompany the summer disaster season, nearly half of U.S. consumers are insufficiently prepared—in terms of their insurance coverage—to deal with potential losses, according to new research by the New Hampshire Insurance Department and the National Association of Insurance Commissioners (NAIC).

The national survey revealed a significant lack of preparedness among consumers in documenting their belongings. Nearly half—48 percent—said they did not have an inventory of their possessions. Of those consumers who reported having a checklist, 32 percent had not taken any pictures and 58 percent had no receipts validating the cost of their possessions. In addition, 44 percent of respondents acknowledged that they had not stored their inventory in a remote location.

Additional NAIC Survey Findings

Taking Inventory

Start by making a list of your possessions, describing each item and noting where you bought it and its make and model. Clip to your list any sales receipts, purchase contracts, and appraisals.

• For clothing, count the items you own by category pants, coats, shoes, for example - making notes about those that are especially valuable.

• For major appliances and electronic equipment, record their serial numbers usually found on the back or bottom.

Don't be overwhelmed!  If you are just setting up a household, starting an inventory list can be relatively simple. If you've been living in the same house for many years, however, the task of creating a list can be daunting.   Still, it's better to have an incomplete inventory than nothing at all. Start with recent purchases and then try to remember what you can about older possessions.

Big ticket items - Valuable items like jewelry, art work and collectibles may have increased in value since you received them. Check with your agent to make sure that you have adequate insurance for these items.   They may need to be insured separately.

Take a picture - Besides the list, you can take pictures of rooms and important individual items. On the back of the photos note what is shown, where you bought each item, and the make. Don't forget things that are in closets or drawers.

Videotape it - Walk through your house or apartment videotaping and describing the contents. Or, do the same thing using a tape recorder.

Use a personal computer - Use your PC to make your inventory list. Personal finance software packages often include a homeowners room-by-room inventory program.

Storing the list, photos and tapes   - Regardless of how you do it (written list, floppy disk, photos, videotape or audio tape), keep your inventory along with receipts in your safe deposit box or at a friend's or relative's home. That way you'll be sure to have something to give your insurance representative if your home is damaged.   When you make a significant purchase, add the information to your inventory while the details are fresh in your mind.

Creating Your Inventory

You can list your items by category, or by room. For many items like books, CDs, bed sheets or pots and pans, you can make a general estimate of how many you have. For expensive items, note the make and model, the store where the item was purchased and the approximate date.

Sample list:

Living Room Inventory

Download free home inventory software

Download a sample home inventory form

Download free home inventory software

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Updated: February 28, 2007 1:52 PM
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