How To Make A Home Inventory in 5 Easy Steps
1. Contact Your Renter’s or Homeowner’s Insurance Company
Call and ask what information they require to file a claim, and for specific reimbursement requirements. Tell them you are getting organized with your home inventory list and that you want to be prepared. Ask for written information or online links to their website regarding their claim process. Don’t be afraid to ask about “what if” scenarios.
2. Choose the Documentation Method
The more information you gather now, the less you will have to search for later.
It’s quick and easy to create a GOOGLE DOCS spreadsheet and make instant digital updates and printouts from your cell phone. Always include photos and/or video of your items, and make a digital folder just for them. Important: these need to be backed up to the cloud in order to access them remotely, unless you physically transfer them to your computer with a charging cord and back them up on an external hard drive (more on how to do that coming soon). Through Google docs, you can email yourself Excel versions and pdfs of the spreadsheet, which is useful digital backup.
If creating paper printouts, make several copies and keep them in different locations. For example: store one hardcopy at a friend or neighbor’s house, at work, and/or send one to an out of town relative. When using Google Docs, updates you make to a digital spreadsheet and photo folder will automatically be reflected in links made available to friends or relatives.
There are home inventory apps that walk you through each step of the home inventory process, where you can modify your home inventory and add photos from your mobile phone. If you feel comfortable trusting a company with keeping your home inventory online, it’s a great resource. But be aware that many of these companies come and go out of business all of the time, and online services can get hacked (you’re putting very personal details about the contents of your home and their servers). When using a technology service, make sure to read and understand the privacy settings before getting started. It’s okay to do things the “old fashion” way, as long as you get it done, and the old fashion way is usually free.
3. Create Your Home Inventory List
As you create an inventory, go through your home room by room. Include the garage, attic, basement, garden, and additional storage rooms and closets. When in doubt whether or not something you own should be part of your home inventory, include it. Make sure to include both common and collectors items, such as:
Appliances (small and large)
Artwork (everyday and collections) - this may require an appraisal to be included in homeowners insurance.
Bedding (on the bed and in the linen closet)
Clothing, Shoes, Purses, and Accessories - for now, count and log by category (20 pairs of jeans, 25 jackets, 5 belts, etc. - you can get to more details later.
Collector’s Items (stamps, coins, etc.)
Dishes (everyday, special occasion, crystal, etc.)
Electronics (desktop computer, laptops, iPads, video game consoles, cell phones, stereo equipment, televisions, etc.)
Furniture (sofa, tables, chairs, beds, dressers, porch & garden furniture, etc.)
Jewelry (costume and high value items) - this may require an appraisal to be included in homeowners insurance.
Media (books, music albums, family movies, etc.)
Sports Equipment (bikes, ski’s, snowboard, the Peloton, etc.)
Tools and hardware (in the home, garage, workshop, art studio, etc.)
Potted plants and trees.
What else?
4. Add Details
The more details included in your home inventory, the smoother the claims process should go. Start gathering and collecting receipts, especially for high dollar items, so that the claims department will have little argument as to when an item was purchased and for how much. Keep original receipts and appraisals (including hard and digital copies) with your inventory lists.
Along with a general description, take photos and/or video, especially of the high value items. Note the date of purchase, price paid, serial number, make and model number, and unique identifying features. Details can help your items be recovered if stolen, and replaced if damaged beyond repair. Description example: my beloved silver and turquoise bracelet I got from New Mexico has 10 small oval turquoise stones and a small engraving of an eagle with wings. I bought it at _____ for $ _____.
Once you’ve completed the home inventory, share it with your insurance agent, who can advise whether your details and coverage are adequate, and make adjustments as necessary.
5. Maintain Your Home Inventory
Maintain your inventory list when you add or take away items from your home to ensure everything stays up to date. Make notes on your written hardcopy (date your changes), or type changes on your digital copy. Then make it an annual task to perform updates to all copies in all locations (this is why spreadsheets are so useful for this).
Not a perfect record keeper? If you forget to keep things updated during the year, simply walk through your home with the list and add to or cross out things on your inventory. Practice makes improvement when it comes to maintaining your home inventory.