An Asset Assessment: What to Include in your Home Inventory

When it comes to home inventories, preparation is always better than post-disaster recovery. Fires, theft and natural disasters can wreak havoc on your home at any time, and trying to document all your belongings after a disaster has struck can be difficult, if not downright impossible. Home inventory software is an easy way to build a comprehensive inventory of all your belongings and subsequently make insurance claims easier and faster. Here are a few things to keep in mind when using home inventory software.

What Should I Inventory?
The rule of thumb when it comes to inventorying your home is to include any insurable or valuable items. Make detailed reports of all your jewelry, major appliances, furniture, electronic equipment, antiques and special collector’s items, if applicable. This should also include items that are individually insured and covered by a policy other than homeowner’s insurance.

Additionally, you should inventory each family member’s clothing and shoes. While individual pieces may not amount to much, your wardrobe as a whole likely does. There’s no need to record every piece of apparel you own individually, simply take photos of all closets and open drawers to demonstrate the quantity of clothing. However, do separately inventory clothing that is a big-ticket item or something of high value, such as a fur coat..

Include Photographic Evidence An essential part of any complete home inventory is photographs, which help verify ownership of lost or damaged items. Each item you inventory should have several photographs. If you opt to use home inventory software to manage your assets, look for an application that allows you to attach unlimited photos to each inventory item. Be sure to capture both wide angles and close-up shots, as well as any crucial components of an item, such as a serial number or a barcode. To further substantiate ownership of valuable items, have a family member in all the pictures you take. You should also date all photos so you can prove you owned the items prior to any accident or disaster.

Attach Appraisal Documents
If you ever have any high-value items appraised, such as art or jewelry, include the appraisal documents in your home inventory list. Most home inventory software allows you to upload attachments under specific items. This helps verify the monetary value of an item and what its replacement cost should be.

Update Your Home Inventory
Add new items to your home inventory list as you acquire them. This ensures the list stays up to date and can be used at any time to verify your ownership of items that need to be replaced.

Taking stock of all the valuable assets in your home is an important and necessary task all homeowners should complete. In the event of a home-wrecking disaster, a home inventory list will help verify possession of all your valuables and make filing insurance claims and receiving your rightful payout an easier, quicker and less stressful process.

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