Imagine losing everything in a disaster like Hurricane Harvey, then having to list all of your possessions to file an insurance claim — every plate, holiday decoration and piece of clothing. Without a home inventory, this would be the toughest memory test you’d ever face, and forgotten items could cost you in the form of a lower insurance payout.
A home inventory is a list of all your belongings and ideally includes photos or video of everything and receipts of big-ticket items, such as furniture and TVs, to back it up.
It’s a handy resource: After a disaster, an insurer doesn’t cut a check for the amount of coverage on a homeowners, renters or flood insurance policy. You have to describe on the claim the items damaged or destroyed.
You can create an inventory. Here’s how:
Take footage of items on the floors, walls and hanging from the ceiling.
Include everything in drawers, cupboards and closets. “Don’t leave out little things — photos, trophies, knickknacks and books,” said public insurance adjuster David Moore, COO of Jansen/Adjusters International. “Don’t think that something’s too small. If it’s in your home, it’s got some value.”
Narrate the video to record details, such as when and where you purchased the items, said Moore. That information can help with cost estimates for a claim.
Capture the make, model and serial numbers of electronic equipment and appliances, said Carrie Bonney, a spokeswoman for Farmers Insurance.
Overachievers can create spreadsheets listing items and brands, original prices, ages and condition. But taking photos or video is a good place to start.
“Pick an approach that works for your personality type,” said Rob Galbraith, director of property underwriting at USAA.
After cataloging everything, store the digital inventory in the cloud or on an external hard drive in a secure spot away from home, such as a safe deposit box, Bonney said. Some people store valuables in fireproof safes, but Moore said he’s seen too many safes get washed away.
Update the inventory about once a year, and save digital receipts of major purchases as you make them. You don’t have to have a receipt to make a claim, but any documentation you provide can speed up the claims process.
