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Having a detailed list of everything under your roof will make filing a homeowners insurance claim faster and easier.
If your home and personal belongings are burglarized or damaged in a fire, you need to file a homeowners insurance claim to be reimbursed for the loss. But most people don’t hold onto every receipt or have a photographic memory, so if you can’t remember what you own, you won’t be reimbursed for the property that you lost.
A home inventory is an invaluable way to keep track of everything you own and has multiple uses—from verifying losses on your income tax return to ensuring an expedited and painless insurance claims process. However, only around half of homeowners currently keep a home inventory of their personal belongings.
Making an inventory may seem like a daunting and time-consuming task, but it doesn’t have to be. Click here to download our very own inventory spreadsheet to get started on your home inventory list today, and read on for more home inventory tips. This is an Excel home inventory, but the file can be opened in Google Sheets if you don’t have Excel.
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To speed up the claims process and ensure that you’ll be sufficiently reimbursed for personal property loss, make sure that your home inventory includes the following:
Looking for the best coverage for your home and personal belongings? When you apply for home insurance with Policygenius, you can compare multiple policies with top-rated insurance companies and make sure you’re getting the best coverage at a price that works for you.
The best time to start a home inventory is when you’re just moving into a house—you simply add items to the inventory as you unpack. If you’ve been in the home a while though, the thought of going through every room and making a list of everything, along with product descriptions and prices, is probably a little intimidating! But if you carve out a solid block of time, put on some good jams, and think “small” by listing stuff by room, the inventory process will be a whole lot easier.
There are several ways you can make an inventory: you can make an actual list, use an organized spreadsheet like the one we provided above, take photos and videos, or you can use a home inventory app. Regardless of which method you choose, be sure to heed the following advice when making your inventory:
Don’t go right for the big ticket items or list items at random, start in a small contained area of a room, and work your way outward. Once you’re done with that particular room or space, move on to the next.
If you’re not able to indicate the price of a particular item, a simple (but detailed) description will do. It could be a few words or a few sentences — but keep in mind home insurance claim adjusters (and police in the event of a break-in) will generally be more helpful and process your claim faster if you’re clear about what you lost. In addition to an anecdotal description, be sure to include the make and model, any serial numbers, and where you purchased the item if possible.
To expedite the inventory process, small-ticket items like casual clothing or IKEA pots and pans set can simply be categorized by the type of product being inventoried.
Be sure to take note of any big ticket items you own and record those in a separate section of your home inventory list. If you have any expensive jewelry, furs, rare keepsakes, or electronics in excess of $1,000-$2,000, you may need to add enhanced coverage like a schedule property endorsement to protect those items in the event of a loss. Be sure to talk to your agent to see what coverage is available for big-ticket items.
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Homeowners insurance also protects off-premises losses up to a certain amount. That means if some jerk breaks your bicycle lock and takes your bike, you can claim a loss, and you can claim the loss on your tax returns too. Listing off-site items in your inventory makes it easier to do both.
For that extra bit of financial security (and to make mom and dad proud) hold on to your receipts. Having receipts in addition to a home inventory makes for a seamless claims process.
Be sure to make a copy of your home inventory—along with receipts and item appraisals—and store it somewhere you’ll remember outside of your home, like your office, at a friend’s house, or on a cloud-based drive.
Another helpful and easy way to organize and list your personal possessions for insurance or tax purposes is to download a home inventory app to your smartphone. Some home inventory apps are used for different purposes: some are to simply keep track of your stuff, while others are specifically intended to document your stuff for insurance.
Certain apps, like Home Inventory, cost as much as $40 and have a number of nifty documentation tools in the app software, like barcode scans and round-the-clock professional monitoring, photo and video capability, and can track asset valuation (such as a specific item’s depreciation or appreciation rate).
Here’s a list of home inventory apps that you should consider for documenting your personal belongings.
|Mobile app||Price||iOS or Android||Data storage|
|Allstate Digital Locker||Free||Both||Device and cloud|
|BluePlum Home Inventory||$24.99||iOS||Device and cloud|
|Home Contents||Free (in-app purchases)||iOS||Device and cloud|
|Home Inventory||$40||Neither (desktop app)||Device and cloud|
|Nest Egg||$4 (in-app purchases)||iOS||Device and cloud|
|Sortly||Free (Premium is $8)||Both||Device and cloud|
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