Home Inventory-Organize valuables

The home and contents are probably the largest investment and most valued asset, filled with monetary and sentimental items.
Some items can be replaced but at a cost while others are impossible to replace such as one of a kind or sentimental items.

Constantly at risk from fire, theft, water damage, floods and other natural disasters, most people do not have documentation information that can be referred to if a disaster occurs.

Purchasing insurance is not enough, should a claim be filed, it is to your advantage to have documentation to refer to that supports your claim for full reimbursement and expedites the claim process. This documentation is to your advantage not the insurance companies. Without this documentation, items could be remembered months after the loss. Equally important is having photos that show in great detail the conditions of the items, should they be sent out for repairs or their condition before a loss.

Most of us think of a home inventory just for insurance purposes, actually this documentation has value for other uses as well such as: recovery, moving, storing, travelling, legal, relationship dissolvement, organizing, budgeting and proof of ownership.

What is a Home Inventory?
A document, preferrably a detailed one showing your home contents.
The best type of inventory contains:
*photos date stamped (newspaper with date)
*photos detailing item condition (repairs/preloss condition)
*detailed item descriptions (make,serial/model)
*purchase info (date,place,price)
*updated values for items such as antiques
Information should be easily accessible and backup copies stored in a safe place away from home.

How often should this be updated?
I suggest getting into the habit of updating your inventory whenever a new item enters your home, this includes items you purchased and gifts received. Review your inventory at least annually and work with an easy, simple system that works for you, in making sure that once completed you can keep it up to date. January is a prime month to update your inventory with all the purchases and gifts that are in your home. A simple way of updating is to have a list with newly acquired items and enter this information into the inventory, every couple of months or whatever works for you.

Ask yourself: do you want to rely on just your memory? Pick a room, now jot down every item and detailed item information in that room; from memory. Include visible items, items tucked away in drawers and items stored off premises that often come back into the room, such as seasonal items. How accurate are you? This is what you will be asked for insurance/police report claims. Imagine trying to do this when you’re under stress, dealing with the frustrations of replacing the items and dealing with family emotions; do you feel confident that your memory will recollect everything.

A home inventory- it’s about knowing exactly what you own and having control when a situation occurs for proof of ownership. Even if you never use this documentation for claim purposes, just doing the exercise of documenting your possessions will provide you with a clear account of what you own. If you have never inventoried your contents, you may be shocked at what you actually own and where you spend the most money on.

Often people learn the real value of having an up to date home inventory, after a loss occurs. Don’t wait until you become one of them, do it today.

The simplest way to document your possessions is to take digital photos or video, then add the information at a later date. At least you have the visual; a picture is worth a thousand words.

Be prepared. Be protected.