A Home Inventory: Why You Need This

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A Home Inventory: Why You Need This

Reasons You Need to Have a Home Inventory

You’ve likely heard of the saying “plan for the worse but expect the best.”  From life insurance to homeowners insurance, to GAP coverage for our cars, it’s always good to have a plan, just in case the unexpected happens.

The same holds true when it comes to preparing for a storm, fire, flood or burglary.

This is where a home inventory comes in.

What you need to include

If your home is damaged due to a natural disaster, or your property is burglarized, you’ll need to file a claim with your insurance company. As part of the claims process, the insurance company will likely want information about items that have been damaged or stolen.

The insurance company may also want you to provide supporting documents or photos to back up your claim.  Although some people prefer to hold onto stacks of receipts, others find that making a list of important items, and creating a photo or video inventory of the items that are on that list, is more efficient.

To do this, you’ll want to go room to room and write down everything that’s valuable or significant. You’ll also want to photograph each item. For example, if you have a drawer of antique jewelry that you’ve inherited from your grandmother, you’ll want to photograph all of it.

If you own an antique clock that’s 200 years old, you’ll want to photograph the clock.

As you buy new possessions, be sure to add them to your list.  Photograph everything.

What to do with your inventory

Once your inventory is created, you’ll want to make sure it’s protected. For example, printing out hard copies of your items list and photographs is fine, but if you do that, you’ll want to secure this in a safe place. Stashing everything in a cardboard box under your bed isn’t ideal- because if your home is damaged in a flood, storm or fire, your inventory may be lost.

If you prefer hard copies, store them in a safe deposit box. On the other hand, if you’re able to store everything in the cloud (such as Google Drive, iCloud or One Drive), that would be preferable.

Remember- a disaster can strike at any time, so it’s always best to be prepared. By taking some time to create an inventory now, if your home is damaged by a flood, hurricane or fire, or you’re residence is burglarized, you’ll have everything you’ll need to start the insurance claims process.