Home Inventory

Why make a Home Inventory?

A current inventory of your belongings makes it easier to file a claim. Keeping your records off-site is wise in case a fire or flood damages your property. Consider updating your home inventory each spring and advise your insurer of any major purchases.

Severe weather is on the rise across the country, making it more critical than ever to ensure that your property and contents are properly insured. With hurricanes, flooding and sewer backup occurring more frequently, it’s crucial to be prepared for the unexpected. If your home is damaged or destroyed, it’s important that it has been insured for its accurate replacement value.

A thorough inventory of your home’s contents and the associated value of the contents will help you and your insurance representative confirm adequate coverage. If you need to make a claim, your home inventory will help you receive proper compensation.

An inventory of your possessions actually serves two purposes. First, it helps you determine whether the amount of insurance on your current policy is sufficient to cover a total loss of your possessions in a fire or other disaster. Second, it serves as the record you’ll need to make a claim. After the trauma of a disaster, there’s no way you’ll be able to remember everything you owned. Conducting a home inventory can be a fun project for the entire family and it doesn’t have to be a huge burden on your time and energy. Here are some ideas you can use.

Tips for Making a Home Inventory

Scan the bills, receipts, warranties and instruction manuals for your more valuable possessions – these can serve as proof of ownership.
Store your records and receipts to a Home Inventory application repository.
Review your home inventory every year and when you make new purchases. The value of your possessions will increase the more you acquire.
Take photographs or video footage of all of your valuable possessions.
Store records of credit cards, taxes, government and other important household documents in an off-site location.

When to Create and Update?

During spring cleaning as well as before a move are ideal times to prepare or update your home inventory list. When you increase the value of your home through a renovation or purchase expensive furniture, art, jewellery or other valuable items, notify your insurance professional. A thorough and current inventory of your home’s contents and associated value will help confirm adequate coverage and, in the event of a loss, proper compensation.

Despite the importance of a home inventory, many housholds don't have a detailed record of their belongings. According to the most recent surveys, 59% of consumers don't have an inventory. Of those who do, many don't keep their records up to date or don't include the necessary documentation.

Don't Wait Too Long to Create a Digital Home Inventory

List every possession you own, along with each item's worth. Imagine doing this after your belongings have been stolen or destroyed in a fire or natural disaster. The task may now seem impossible. Luckily, it doesn't have to be. Creating a home inventory with our Home Inventory Application makes the job easier.