Homeownership is a significant investment, both financially and emotionally. It’s filled with cherished belongings, from family heirlooms to everyday essentials. But what happens if disaster strikes?
While homeowners insurance provides an important safety net against unforeseen events like fire, theft, or water damage, the effectiveness of this coverage hinges on accurate and detailed documentation of your possessions. This is where a comprehensive home inventory proves invaluable.
Keep reading to learn more about why creating a home inventory is to your advantage and how to get started—and download a printable checklist to get you started on your journey to peace of mind.
At a glance:
A home inventory is a detailed record of all your personal belongings within your home. It's more than just a simple list; it's a detailed catalog with photographs, descriptions, purchase dates, and even receipts.
Consider all your personal belongings:
Unexpected incidents’ resulting in loss or damage to cherished items can be overwhelming. Are you sure you’ll be able to recount everything off the top of your head in the event you have to file a claim?
While creating a home inventory may seem tedious or even daunting, the benefits far outweigh the effort.
We all tend to underestimate the true value of our belongings. While some may overestimate the value of sentimental items, a home inventory ensures you're not left underinsured.
From speeding up the claims process, to accurate valuation, and ultimately peace of mind, check out three reasons why creating a home inventory is in your best interest.
In the aftermath of a covered loss, a detailed home inventory can significantly streamline the claims process. Home insurance adjusters can use this information to accurately assess the value of your lost or damaged possessions.
A home inventory can also help you understand your existing homeowners insurance coverage better.
The benefits of a home inventory extend beyond home insurance claims.
Several technology solutions can simplify the home inventory process:
Investing time and effort in creating a comprehensive home inventory can significantly enhance the effectiveness of your homeowners insurance and gain greater peace of mind. This step not only protects your investments but also ensures a smoother recovery process in the event of an unexpected loss.
Creating a comprehensive home inventory might seem daunting, but it's easier than you think. Here are four steps to get you started on creating a home inventory.
Don’t forget to download our Openly Home Inventory checklist for easy reference!
You can create a physical inventory using notebooks or spreadsheets, or opt for a digital approach with photos, videos, or inventory apps. Depending on the method you choose, gather the necessary materials to take photos, record descriptions and dimensions, and collect receipts or appraisals.
Start with a room-by-room approach, documenting every item you own. Include descriptions, serial numbers, purchase dates, and original receipts if possible. Systematically inventory each room in your house, from living room, bedrooms, garage, storage units, etc. Be sure to group similar items together (e.g., electronics, jewelry, clothing, furniture) for easy reference.
Visual evidence is invaluable. Take pictures or videos of each room and specific items, especially valuable possessions, from multiple angles.
It’s not just about photographs either. It’s important to document details, including brand, model, color, size, purchase date, and any distinguishing features. For electronics and other valuable items, be sure to record serial numbers as well.
Include everything from electronics and jewelry to clothing and kitchenware. Even seemingly insignificant items can add up.
Store copies of your inventory in a safe deposit box, with a trusted friend or family member, and in cloud storage.
To ensure your inventory remains accurate and up-to-date, consider these additional tips to create a robust and reliable record of your possessions:
Creating a home inventory is empowering. While the process might seem daunting at first, breaking it down into manageable steps and utilizing available tools can make it a seamless experience.
Remember, this isn't just about home insurance; it's about peace of mind. Knowing you have a comprehensive record of your belongings provides invaluable security. Investing the time and effort now allows you to safeguard your future, ensuring that your memories and possessions are protected.
So, take the first step today—your future self will thank you.
We've put together a handy home inventory checklist to get you started.
Download it now!