A good home inventory should have the following information:
- A description of the item, including the make and model (if applicable)
- Estimated value of the item
- Purchase date
- Receipts
- Serial number
- An in-depth description of the items. ...
- Make, model, and/or serial number of the items.
- Date of purchase, receipts and photos.
- Estimated replacement cost if you bought it today. ...
- Appraisals at time of purchase.
How Do I Make a Home Inventory?
What is a scheduled personal property policy?
Why does insurance speed up claims?
What should be included in a home inventory?
How to organize a list?
Can you store inventory outside your home?
Does a replacement policy cover cash value?
See 4 more
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Download a Free Home-Inventory Spreadsheet | PCWorld
Have no fear: a company called Vertex42 offers a free Home Inventory spreadsheet.It’s provided in XLS format, meaning you should be able to open it in any spreadsheet program on the planet.
Home Inventory: Why You Need One and How to Make It - Bob Vila
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Home Contents Inventory Worksheet - NYCM
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What Should a Home Inventory Include?
To establish value, the inventory should include the original receipt or a copy. (If you file original receipts with your income tax papers, a copy should be kept with your home inventory.) Finally, a photo of each item should be included with the inventory as well.
When Should You Compile an Inventory?
January is the ideal time to create or update your home inventory. The excitement of the holidays will be over yet you can still easily locate receipts from big-ticket purchases—many of which are made between Black Friday and Christmas. Get in the habit of addressing your home inventory needs every year at this time, and you’ll be protected in the event disaster strikes.
When Should a Home Inventory Be Updated?
Hold onto receipts from all major purchases you make throughout the year and update your home inventory annually, preferably around the first of the new year. Updating includes taking new room photos if you’ve moved items, in addition to recording new purchases and gifts. If the estimated value of your home inventory exceeds the maximum amount your insurance policy allows, contact your insurer and have your policy updated to reflect the additional value.
What Format Options Are Available?
The traditional method of creating a home inventory is to make a list of all your belongings on paper, supplementing it with photos, videos, valuations, and receipts. Because you’ll need access to the information in the event that your belongings are destroyed or stolen, if you choose to go this route, it’s wisest to store the inventory documents outside your home in a safety deposit box. A fireproof, waterproof home safe might keep the inventory intact through a natural disaster, but if the lockbox is stolen you’d be out of luck.
What is a fireproof safe?
A fireproof, waterproof home safe might keep the inventory intact through a natural disaster, but if the lockbox is stolen you’d be out of luck. Today’s technology offers another format for a home inventory that may be simpler to compile and safer to store.
Why is home inventory important?
In addition to helping you file a claim that truly reflects the value of your property, a home inventory can be instrumental in obtaining more insurance coverage. If you collect original art, for instance, the value of your collection may well exceed your policy’s coverage limit for personal belongings. In that case, your home inventory can serve ...
What items do you not need to document?
You need not document perishable food items and short-term supplies, such as pencils, paper, rubber bands, and other items that are used up quickly.
What is home inventory list?
A home inventory list is a catalog of items or personal belongings you have in your home, condo, or apartment. Carving out time to do this ensures that you don’t miss any items to claim. It can serve as proof of loss due to a disaster and it makes ...
How to keep track of things?
The easiest way to keep track of your things is to create a home inventory list. You might not be able to save all your belongings in the moment during a disaster, but you can definitely make the claims process easier and quicker with this list.
How to make your home inventory more manageable?
Try to get into the habit of adding new purchases to your home inventory list. This will make it more manageable and this ensures that you’re not missing anything.
Why do you need to carve out time for insurance?
Carving out time to do this ensures that you don’t miss any items to claim. It can also help determine if you have enough insurance. Andit can serve as proof of loss due to a disaster and it makes the claims process much smoother.
Is it a good idea to give a copy of your home inventory to your insurance agent?
Giving a copy of your home inventory to your insurance agent isn’t a bad idea either. They can look over it and help you get better coverage. Having insurance is the first step, but making sure you’re not underinsured is the next. You want to have enough coverage for your belongings and your home.
Where to keep a copy of your emergency list?
If you choose to have a physical copy of your list, make sure you keep a copy somewhere else, like at your office or in a safety deposit box. Review, review, review.
Is it intimidating to get a home inventory list?
It can feel intimidating to ensure that you get everything right for this home inventory list.
What is a Home Inventory?
In its simplest form, a home inventory is defined as: 1) a list of all the physical belongings located within your home (aka your “stuff”).
When Should You Compile a Home Inventory?
When is the best time to do a home inventory? Yesterday. Let’s face it, you never know when an emergency will occur. So the sooner you can complete your home inventory, the better.
What is the best tool to complete a comprehensive list of personal belongings?
Another tool in your arsenal to complete a comprehensive list of your personal belongings is a scanner. This tool is not meant to address the list of physical items in your home, but rather your “stuff’s” paperwork and random “stuff” such as:
How do I create a home inventory?
A home inventory can be as simple as a list of all your possessions or a visual record for each item, but an effective home inventory should include both for added security. Today, there are even digital tools to help simplify the process of maintaining the list.
Why is inventory important for insurance?
A home inventory is an excellent way to help make home insurance and renters insurance coverage decisions and expedite the insurance claims process after theft, damage or loss. This record of your insurable assets will not only help you in the settlement of a covered loss or claim, but may also help verify tax-deductible property losses ...
What is a home inventory list?
A written inventory: A comprehensive home inventory list catalogs your belongings and should include the item description (make, model and serial number, if applicable), value and purchase date. You can create your own list using a spreadsheet or fill out a home inventory checklist that's ready to go.
How to record belongings when moving?
Record possessions as you pack to move into a new place: When moving to a new apartment or home , take a couple of extra minutes to record the belongings in each room. Pick one area at a time to record: You can start with a hall closet or small kitchen cabinet.
What is digital inventory?
A digital inventory: If you have an iPhone or Android phone, there are apps that can be downloaded to your phone, some of which are free. These mobile home inventory apps allow you to record a photograph of the item along with the description, value and purchase date.
What to include in home inventory?
Don’t forget to include the items in your basement, attic, garage and any detached structures, such as tool sheds. Also, pay special attention to your most valuable possessions, such as antiques, art, jewelry, collectibles and electronic equipment. If you have any questions about which items are covered by your policy, contact your insurance agent.
Can you email your inventory to your insurance?
Whichever inventory method you choose, it's important to keep a copy in a fireproof safe, safety deposit box or digitally in the cloud. You can even email your inventory to your insurance agent. Sending the list has the added value of allowing your inventory to be examined by your agent to see if you need extra home or renters coverage or to add a Personal Articles Insurance policy .
What Is a Home Inventory?
A home inventory is a list of all your personal possessions along with their approximate financial value. It can be valuable when you need to file a claim because it helps your insurance company verify your damaged property. That not only helps you get your claim settled faster, but it also minimizes your chances of forgetting to include an item in your claim.
What Should Be Included in a Home Inventory?
A good home inventory should have the following information when it’s available for each item of personal property:
How Do I Organize My Home Inventory?
Or perhaps you’d rather go room to room. Whichever way you start, you can use our handy home inventory template and worksheet to keep track.
Why do you need to take inventory of your belongings?
Another good reason to take inventory of your belongings is to make sure you get enough personal property coverage. Listing the value of each individual item presents a clearer picture of how much you’d be out if you suffered a total loss.
Where to save inventory list?
Save an inventory list on your personal computer and keep a copy online. If you’re feeling old school, you can put your photos, inventory list, and video recording in a safety deposit box.
Do you inventory your home before you apply for home insurance?
Some people even inventory their items before they apply for home insurance. That way they get a better sense of how much personal property coverage they need.
Does home insurance cover off site items?
Remember to include off-site items in your home inventory, such as belongings you keep at a storage facility or in a garage. Home insurance policies typically cover those items.
Example
The following example can be used as a home inventory template. In crafting your template, don't include details that you do not have. For example, if you have no idea when things were purchased exclude a date purchased column. Use a generic field such as notes to give additional details that may help.
Asset
Assets are divided into various categories for the purposes of accounting, taxation and to measure the value or financial health of an entity.
Why is it important to make a home inventory?
The stress of a burglary, fire or other home emergency can make it difficult, if not impossible, to remember all of the items in your home that may have been stolen or damaged in the process.
What should you include in your home inventory?
In order to create the most comprehensive home inventory possible, you should make sure to include the following pieces of information:
Where to store inventory?
While the original copy of your home inventory may be stored on your home computer or in a locked file cabinet, you should make sure that you store at least one copy of your inventory away from home , such as in a safety deposit box or with a trusted friend or relative.
Do you need to document everything in your home?
Although you do not need to document every single item in your home, you should make sure that you document all of your valuable belongings, such as jewelry, electronics, clothing and furniture. It may be helpful to move through your home, room by room, in order to keep your list organized and avoid missing anything important.
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How to start your home inventory
A simple, step-by-step process can help you get started and stay on track when creating your home inventory.
Make your home inventory easier
There are several tools that you can use to make the home inventory process more manageable. Of course, you can document everything with pen and paper, but then you risk losing your inventory, along with your belongings, in an event such as a fire or flood.
Frequently asked questions
Your home inventory not only serves as a detailed record of what you own for your homeowner or renters insurance policy, but it can also help document losses on your tax return or determine how much homeowners or renters insurance to buy.
How Do I Make a Home Inventory?
A home inventory can be as simple as a written list, pictures or video. Or use a home inventory app to help you compile your list. As you inventory your personal belongings, don’t forget all of your drawers, closets, attic, basement and if you’re brave, take a look under your bed.
What is a scheduled personal property policy?
Scheduled personal property is an add-on to homeowners, condo or renters insurance to insure high-value items for their full value.
Why does insurance speed up claims?
Speed up your insurance claim because you won’t spend time trying to make an inventory after damage has already been done.
What should be included in a home inventory?
A good home inventory should have the following information: A description of the item, including the make and model (if applicable) Estimated value of the item. Purchase date. Receipts. Serial number. You’re obviously not going to have receipts for everything you own.
How to organize a list?
Here are some organizing tips to get you started: Organize your list by room. Pick a room and record all of the contents. For example, start in your living room and list everything, like your TV, coffee table, recliner and sofa.
Can you store inventory outside your home?
However you decide to create a home inventory, the key is to be as detailed as possible and to store a copy of the inventory outside your home. For example, you can store an electronic copy in a cloud service or keep a hard copy with a relative.
Does a replacement policy cover cash value?
Make sure your policy covers the replacement value of your possessions, not the actual cash value. An actual cash value payment would pay your only the depreciated value of your items, not new replacements.
What’s A Home Inventory List? and Why Do I Need to Make One?
Where Do I Begin? How Do I Make This List?
- It can feel intimidating to ensure that you get everything right for this home inventory list. But your first step is to decide what kind of inventory you want to create. There are three kinds of inventories you can make: 1. Written: You can create your own list using a spreadsheet or a document with all your items including a description, value, and purchase date. 2. Visual:You ca…
What Information Needs to Be on The List?
- When it comes to cataloging your belongings, the more information you provide the better. This can only help your case if you need to file a claim. You should try to have this information about each item: 1. Description of the item 2. Make, model, or serial number 3. Evaluations of items, appraisals, or cost at the time you purchased it 4. Receipts...
Keep Your Information Safe
- If you choose to use an app or type it up in a document, it’s easy enough to store copies of your home inventory list in a number of safe places. Just make sure that you have this information backed up somewhere else other than your cellphone or your personal laptop. Another option is for you to use a secure cloud storage service to save your video and pictures. You just want to …
Review, Review, Review
- Once you have your inventory list, it’s a great time to review your policy. Maybe you’ve realized that your current coverage barely covers half of your belongings. You can also reach out to your insurance agent to go through it with you. They can help you determine if you’re adequately covered against all potential disasters that could happen in your area. Giving a copy of your hom…
Other Things to Keep in Mind
- Try to get into the habit of adding new purchases to your home inventory list. This will make it more manageable and this ensures that you’re not missing anything. And don’t forget your items in storage. Make sure you take note of your items in your attic, basement, detached structures, or storage units.