What comes to mind when you think of a home inventory?

A home inventory is a list of your valuable possessions and equipment inside your house. Creating a home inventory can be key to ensuring you will be compensated for them if a natural disaster occurs.

What should a home inventory include?

A home inventory typically includes descriptions, quantities, and values of each item in your house, along with any relevant details like purchase dates, serial numbers, and receipts.

How do I get started?

If you’re a homeowner and you haven’t created a home inventory, consider doing it sooner rather than later to help eliminate any ambiguity should you have to file a claim with your homeowner’s insurance provider, apply for financial assistance after a disaster, or document losses for tax purposes.

“By keeping an up-to-date inventory, homeowners can ensure they have the right amount and type of insurance coverage,” advises Ray Eng, Head of Insurance Operations at Anywhere Insurance Agency. “It helps avoid being underinsured or overinsured, potentially saving money on premiums and providing appropriate compensation in a claim.”

There are many ways you can create an inventory, but perhaps the easiest is to create a video using your smartphone. Here are three tips to help you get started!

1. Go Room by Room: Walk through your home and video any items of high value, including any serial numbers or receipts you have. Open closets, cupboards and drawers. Make sure your space is well lit. This visual record removes the guesswork and helps keep track of your possessions.
2. Narrate Your Video: As you record, describe each item, including its make, model, and any unique features. This verbal documentation can provide additional context that photos alone might not capture.
3. Store the Video Safely: Once completed, store the video in a secure location, such as a cloud storage service, where it will be safe and accessible, even if your home is damaged.

At Anywhere Insurance Agency, we’re here to help you make sure your prized possessions are protected. Not sure if your possessions are adequately covered? Reach out to us for a quick policy review.

This material is meant for general illustration and/or informational purposes only. Although the information has been gathered from sources believed to be reliable, no representation is made as to its accuracy. This material is not intended to be construed as legal, tax or investment advice. You are encouraged to consult your legal, tax or investment professional for specific advice.