How to create a home or renters inventory
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Research suggests that more than half of consumers do not have an inventory of their possessions in the event of a disaster. More than $43 billion in damage was inflicted across the country in 2011 from tornadoes, wildfires, flooding and hurricanes and other disasters.
Creating a simple home inventory helps you track what you own and what it is worth, making important insurance decisions easier. An inventory is especially important for families who have amassed years of personal possessions.
How to create a home inventory
- According to The National Association of Insurance Commissioners (NAIC), and their Insure U online website, here are some recommended steps to take to create a home inventory:
- Group your possessions into logical categories, i.e., by hobby, by room in your home, etc.
- Your list should include celebration purchases like jewelry and art, as well as everyday leisure items such as televisions and guitars.
- Don’t forget items you use rarely such as holiday decorations, sports equipment, tools, etc.
- Pull together copies of original sales receipts and/or appraisal documents. Also note model and serial numbers.
- Carefully photograph or videotape each item and document a brief description, including age, purchase price and estimated current value. Download a home inventory checklist (PDF).
- Store your home inventory and related documents in a safe, easily accessible place online, on your computer or in a fire-proof box or safe deposit box. Consider sharing a copy with friends, relatives and your insurance provider.
- iPhone® users — The NAIC’s free myHOME Scr.APP.book downloadable app lets you quickly photograph and capture descriptions of your possessions room by room, then store electronically for safekeeping. View video demo.
- Android® users — With the myHOME Scr.APP.book home inventory app, you can quickly capture images, descriptions, and serial numbers of your possessions, then organize the information by room or by category. The app even creates a back-up file for email sharing. View video demo.
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(Photo credited to: bluelavamedia.com)
DISCLAIMER: Because of the generality of this update, and based on particular situations, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice, financial advice and/or the advice of a licensed insurance or certified human resource professional.
© Connelly, Carlisle, Fields & Nichols 2012