Home Inventory Eases Insurance Claims

By Kristi Vaughan

If your house burned to the ground tomorrow, would you know what you’ve lost? And just as important, would you be able to prove this to your insurance company? You would if you had a home inventory.

A home inventory can be as simple as paper listing of everything you own or as complicated as a photojournalistic view of your house supplemented by purchase receipts. Of course, the more detailed the inventory, the better luck you’ll probably have convincing your insurance company that you did, indeed, own a $5,000 television set!

A basic home inventory is a listing of all the major items in your house. Your insurance company might have specific recommendations for preparing such a listing. The following approach also can be used as a guideline.

Progress from room to room with camera and pen in hand

  • List and record what is in each room
  • Don’t forget to look in closets and open dresser drawers
  • Give as complete a description as you can, including the make, model number, and when and where the item was purchased
  • Describe the quality and condition of the house, for example, custom cherry cabinets in the kitchen and solid oak doors

Walk outside

  • Take pictures of the exterior of your house, including landscaping, pool or other special features
  • Don’t forget to record any special items such as porch furniture, hand-crafted pottery or expensive fixtures and lighting

Visit the garage, basement, attic and outbuildings

  • Take pictures of cars, boats and recreational vehicles
  • Make a list of landscaping equipment and other tools
  • Don’t forget to itemize the furniture and other items set aside for the day your children have their own homes

Put your records in a safe place

Make a copy of your inventory and keep one in a safe place away from your house. Bank safe deposit boxes are one such possibility.

Check your insurance

Does your homeowners insurance policy cover the replacement cost of household possessions or actual cash value? A replacement value option will cover the full cost of replacing items (minus the deductible, of course).

Do you have valuable items, such as jewelry or antiques that are not covered by a standard policy? If so, talk to your insurance agent about valuable items coverage.

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