Taking Inventory of Possessions for your Home or Renters Insurance 

Did you know that your home or renter’s insurance covers your possessions from things like theft and natural disasters? That’s right, if your home or apartment was ever burglarized or ruined due to a covered peril, such as a fire, your insurance would reimburse you the value of the theft and/or damage to replace the items.

In order to be prepared and covered, it is recommended that you take inventory of the items that you own. If you ever must file a claim, you will be thankful you did.

According to National Association of Insurance Commissioners, only about 40 percent of Americans have made an inventory of their possessions. So, the remaining 60 percent are likely inadequately covering their belonging with their home insurance.

Benefits Taking Inventory

There are many benefits for taking inventory of your belongings.

  • Peace of mind knowing what you own and the value of it. 

  • Expedited payout, if something ever did happen to your stuff, you will get the insurance claim payout much quicker. 

  • Verify your tax-deductible property losses 

  • Keep track of all your stuff. We all know how easy it can be to buy something and never touch it again. Taking inventory gives you an idea what you own, so that you aren’t hoarding it in the closet 

  • It can even help you figure out how much home insurance you need.

How-to Take-Home Inventory? 

Taking inventory of your stuff isn’t all that difficult. All you need is a pen and paper, as well as a camera.

There are even apps that can do it for you!

  • Allstate’s Digital Locker

  • American Family’s DreamVault

  • Insurance Information Institute’s Know Your Stuff

If you are traditional and old school, no problem. Download and print this Home Inventory Checklist

Tips for Taking Inventory 

  • Go with your gut – Document your items how you see fit. Don’t feel stressed, or the need to do it all at once. Start in specific sections of the house, do it according to item category such as jewelry, appliances, location, or however you see fit.

  • Start with the difficult spots of your home – You don’t want to forget items that are hidden such as your attic or basement. Try to take inventory of your harder to reach places in your home first.

  • Small day-to-day items add up – don’t forget about your smaller items such as clothes, sporting goods, office equipment, kitchen gear, bathroom stuff, etc. The costs add up significantly.

  • For your expensive electronics, take a little extra care with inventory – Make, model, and more for electronics and appliances are recommended. Try to find the purchase price, remember the date you bought it, any make, model, and other specific details about the product. 

  • Take your time with expensive items – You want to make sure items like appliances and expensive jewelry are correctly documented. Some items might be rare, so you want to make sure you get the full claim payout if it was ever lost, stolen, or damaged.

  • Take clear and detailed photos – Take many angles of your stuff to prove its market condition and proof of ownership. Your insurance company doesn’t know what you own. Photos that show that you owned it is the best way of proof.

  • Keep it updated – Every few years, or annually, whatever you see fit, make sure your inventory is current. 

  • Make copies of your inventory and store in separate locations – If your home was ever ruined, your documentation might be unreadable and destroyed as well. Store it in your office or external location outside of your home to have backup proof of your inventory.

In all, keep yourself organized and on top your possessions for the peace of mind that you are correctly and fully insured. You are paying for home or renters’ insurance every month. Might as well get the full benefit of protection and coverage by taking a proper home inventory.

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