Most homeowners know how valuable a home insurance policy can be for protecting their personal belongings. Far fewer are aware of the importance of creating and maintaining a home inventory list for insurance purposes.
One of the hallmarks of homeowners insurance is that it provides financial protection if your personal belongings are damaged or destroyed due to a covered event, such as a fire or burglary. But consider this: In the aftermath of a disaster, would you be able to remember every single one of your personal possessions? Even if you have an excellent memory, recalling every item in your home would be an awfully tall task. This is where maintaining a home inventory list becomes extremely valuable for homeowners, because it creates a record of the personal items in your home, which can help you settle an insurance claim more quickly and with less stress.
Why It’s Important to Have a Home Inventory List
A home inventory is a comprehensive record of all your personal belongings and can be a valuable resource in various situations. Its primary purpose is to assist homeowners in verifying ownership and value when filing an insurance claim. Additionally, a home inventory is helpful when moving or downsizing, as it helps you keep track of your possessions. Completing a home inventory is also a worthwhile task for estate planning purposes.
How to Make a Home Inventory List in 3 Easy Steps
Now that you understand all the ways a home inventory can be used and why it’s important to have one, let’s walk through the three steps involved in creating one.
Step #1: Identify and categorize all items
To kick off this essential homeowner’s to-do, start by organizing and categorizing your belongings. What items do you have, and what rooms are they in? Can you categorize these items? How will you organize your list to make it easy to understand during future reference? At this stage of your home inventory project, focus on the following actions:
- Think about every valuable item in your home. This may include furniture, appliances, clothing, jewelry, art, and collectibles.
- Use a checklist. Create one yourself or save time by downloading Morse’s free home inventory checklist.
- Organize your list. Create folders (either physical or digital) to group the items listed on your home inventory by type and room.
Step #2: Capture details and document your belongings accurately
Next, you’ll need to describe each item on your list. What is each item’s brand, model/serial number, color, size, and purchase price? Include these details in your home inventory. If you have receipts for any major purchases, such as electronics, artwork, or jewelry, keep them in the appropriate folder and make note of the purchase date. Take photos and videos of each item, focusing on your most valuable and/or unique belongings first. These details and documentation will be invaluable if you experience a loss and will help to make sure your claims process goes as smoothly as possible.
Step #3: Safely store and regularly maintain your list
Once your home inventory checklist is completed and the pertinent details have been collected, you’ll want to keep your list securely stored. We recommend keeping a printout of the list in a safe deposit box, uploading a digital version to your computer, or providing a hard copy to a trusted friend or family member for safekeeping. You’ll need to maintain your home inventory list on an ongoing basis, so be sure to regularly add new items, remove discarded belongings, and update the details provided in step 2 accordingly.
Morse, of course, is here to help with your home inventory and insurance needs.
The idea of compiling a home inventory can be overwhelming, but the process itself doesn’t have to be. The team at Morse Insurance created a free, downloadable checklist to help you start documenting your belongings right away.
Life is unpredictable, but preparing for whatever lies ahead is a smart step for every homeowner. If you have questions about how to conduct a home inventory and what home insurance covers, or want to talk to an agent about ensuring that your home insurance policy accurately reflects the items listed on your home inventory, contact the Morse Insurance team today. We’re here to help New England homeowners like you stay ready for whatever comes next.
Contact Morse Insurance today or stop by one of our convenient Massachusetts locations.