Home Inventories. Are They Worth the Time?

Creating and updating a home inventory is one of the best ways to ensure that you can account for all your belongings if anything were to happen. In the time of crisis it’s not always easy to remember what it is you have, and when it goes missing you might not remember it at all. Creating a home inventory can be time-consuming at first, but the time it saves if something catastrophic happens is time well spent. ​​

Keep Track of Your Purchases A good reason to keep track of your household and personal items is when trying to decide what type of homeowner’s insurance policy you need. With an itemized list and prices of the things you own, you can have a productive conversation with your insurance agent about the right type of insurance for you. Remember to update your policy when large purchases are made, especially jewelry items.

Filing a Claim Easily With an itemized list and the cost/worth of those items, if you need to file a claim it will make it that much easier. Remembering all that you own is hard enough without adding the stress of a catastrophe in the mix. With a home inventory, you can easily check for what is missing and list the items in your claim. It takes time and stress away from an already stressful situation.

Creating a Home Inventory There are a few ways to go about creating a home inventory. You can make a detailed handwritten list with the worth of each item and any receipts you may have for more expensive items. Serial numbers of electronics and appliances is also a good idea. Big ticket items such as jewelry, artwork, and collectibles may have increased in value since you purchased them. It’s not a bad idea to have them appraised and keep that information with your inventory.

You can also take pictures or videotape the items in your house. There is software available to help you with this. This also can be stored securely online so that the inventory will always be kept safe. Storing your inventory somewhere that it won’t be destroyed is a must. You can store it in a fireproof safe, at a friend or relative’s house, or be sure to make a backup if it’s an online document. The time you spend now to make a complete inventory will be well worth it if something unforeseen were to happen. Contact Caroline Money Minders today for home inventory advice.