Do You Really Know What You Have in Your House? Tips for Creating a Home Inventory
Wayne Texeira, Marketing Director, CFMP, AINS, AIS, API
The other day, I was talking with a friend about some fall cleaning that she was doing around her house. She told me how she found a bunch of things in boxes and closets that she had completely forgotten about. It’s always fun to rediscover…sort of like shopping without spending money.
Of course, my insurance brain kicked in, and I asked her if she had done a home inventory in case she had a fire. “No…when do I have time to do that?” she said. As an insurance person, it’s an occupational hazard that I look at life through a lens of potential risks and “what if” scenarios. Honestly, it’s been about five years since I updated my home inventory, and I need to get it done because I know that I couldn’t name everything I own from memory.
Given our busy lives and the amount of stuff we all have, it can seem impossible to put together an inventory of everything. But doing so helps you ensure you have enough insurance to cover your personal property. If you experience a loss, you’ll be able to settle a claim quicker and be more likely to get reimbursed for what you have.
The easiest way to start is by going through each room in your house, one at a time, making a list of items as you go. Don’t try to do it all in one day. That’s a surefire way to get overwhelmed and give up before you get started. Break the project down over several days or weeks into manageable chunks.
A Few Quick Ideas to Help you Create your Inventory:
- Take pictures with a time stamp on the image. List the value, serial number, make, and model number on the back of the image. Name the pictures and reference the description if you’re storing it electronically.
- Take a video camera through your home and verbally describe all the items in your home.
- If you have an iPhone® download a free app from the National Association of Insurance Commissioners, NAIC Home Inventory app. It guides you through capturing images, writing descriptions, saving bar codes and serial numbers, and stores them all electronically.
- Download Murphy Insurance’s home inventory spreadsheet (Adobe) or home inventory spreadsheet (Excel). It’s a simple format for organizing and has other tips on getting your inventory done.
As you go through your house, note any high-value items that may need to be “scheduled” on your home insurance, such as expensive jewelry, antiques, fine arts, and collectibles, and contact your agent to discuss getting them listed.
So, as I tackle my home inventory update, I hope you’ll join me in doing your own. Don’t put off getting started on your inventory. It’s easy to procrastinate, but think about how good you’ll feel when it’s done!
P.S. Don’t store the only copy of your inventory in your home. You don’t want your inventory and stuff destroyed if there is a fire. Make a copy and give it to a family member or friend, or put it in a safe deposit box.
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