Do I Need a Home Inventory?

How many of you have received some expensive gifts this year? Televisions, computers, smartphones, and digital cameras have all become popular gifts. Now is a good time for you to conduct a home inventory.

A home inventory can help our customers:

  • purchase enough insurance to replace their personal property if damaged by a covered cause of loss
  • get insurance claims settled faster
  • substantiate losses for income tax purposes

To help you develop your inventory, the Insurance Information Institute (I.I.I.), is offering free downloads of home inventory software, available at www.knowyourstuff.org.

What should I Inventory?

In addition to the software, the site offers lists of items typically found in various rooms. These lists are a great place to start when creating your own inventory. You should pay particular attention to the most expensive items your home, especially those that may require additional insurance (jewelry, collectibles, etc.). However, the I.I.I. also cautions you to make note of more commonplace items such as toys,  clothing and even towels and linens since the cost of replacing these items can add up to a large amount in the event of a major loss.

An electronic home inventory offers many advantages over a paper version. Digital photos or even narrated videos can be stored with inventory lists. Receipts for major purchases can be scanned and saved. And, it is easy to update and store an electronic home inventory. It takes nothing more than the click of a mouse to add a new possession.

Another advantage to an electronic inventory is storage. Multiple copies can be burned onto CDs and stored away from your property. Or, the file can be emailed to your own email account or be stored in the cloud using Dropbox, Google Drive or similar service.