Home Inventory 101

Not only is your home one of your most valuable possessions, but it’s also where you keep some of your most valuable items. In the case of a disaster, like fire or theft, having a completed home inventory can ensure that all your belongings are accounted for. It can also get you back on track to normal life as soon as possible. 

Save Time and Money

A home inventory is a detailed list of everything in your home, and it can help determine the right amount of Homeowners Insurance you need. If you don’t have one completed and lose some of your personal items, you might not get a proper reimbursement to cover the items. Overall, it has the power to save you time and money in the event of a claim. By outlining all your items ahead of time to help verify any losses, it can speed up the process. 

How to Make an Inventory List

You can create a list manually with pen and paper, or digitally using Excel, Google Sheets or home inventory app. One way to start is to go room by room and make a detailed list of everything you own. With each item, include a description, serial number, approximate date of purchase and estimated value. Do not skip the small items, like towels or holiday decorations. The cost of replacing these types of items can add up, too. 

For clothes and shoes, we recommend assigning an approximate holistic value instead of going item by item. However, in the case of valuable jewelry, consider getting an appraisal to be sure your items are insured properly. Additionally, don’t skip over storage places like the basement or attic, closets and the garage. Often, people forget about the expensive tools and supplies they store in these spots when completing a home inventory.  

Keep it Updated 

Between home renovations and replacing or upgrading items, it is important to continually update your home inventory. Plan to do a yearly review to add or remove any items that may have changed. 

Safe Storage 

Remember to keep a hard copy and digital version of your home inventory to ensure you don’t lose your list of assets and personal possessions. Make sure to store it in a safe and secure place. If you leave it in your home and your home is damaged by a storm, the list is gone too. Keeping it at a family member’s place, a safe, deposit box or flash drive are a few good options for storage. 

Protecting and insuring your home and personal belongings is your priority as well as ours. Contact your OKFB agent to make sure you have the right amount of protection in place, or for guidance in completing your home inventory.