No one wants their home damaged or destroyed by fire or flooding. Or have treasured items stolen from them. It’s devastating to even think about it.

That’s why you – like all homeowners — rely on insurance coverage to help cover the cost to rebuild your home and replace your belongings.  Having it gives you some comfort and relief, right?

But even a good insurance company can only be as helpful to you as you are to them.

That’s why you need to take inventory of your belongings.

Why It Matters

Take a look around your home and most likely it’s filled with many different items, some worth more than others, some more precious to you, and some just part of your day-to-day life.

Look around the room you’re in right now. I’m sure the big screen tv, comfy sofa, and grandma’s antique lamp are some of the first things that catch your eye. But what about the plant pots, throw pillows, or candles? Think about your closet. Sure, you know how much that leather jacket cost, but how many $15 tshirts do you have?

If you add EVERYTHING up, the value of your belongings could be quite high.  Are you covered for that? What happens when you need to make a claim and prove the value?

Taking an inventory of all of you items throughout your home:

• It gives you a better idea of how much coverage you actually need, and
• It can help verify the value of your belongings when you file a claim, and even facilitate the process.

Your inventory can help the claims process tremendously since there is no second guessing since you can provide both visual and documented proof.

Getting It Right … and Making It Easy

A home inventory is exactly as it sounds. Pulling together a detailed list of items in your home … furniture, fixtures, paintings, jewelry, appliances, electronics, etc.  Ideally, your inventory would include a description, serial number, model, purchase date, and estimated value (include any receipts) for each item.

Itemize room by room. Remember your back yard, garage, and anything that may be stored in an attic or crawlspace.

The more detail you provide, the better chance you have of recouping as much money as possible.

There are a few ways you can go about this process:

Good: If the task of inventorying your entire home sounds impossible, consider doing a video walkthrough. Record each item in your home, room by room, while verbally describing any pertinent information such as when you made the purchase, the value, the brand, etc. Make sure to catch any serial numbers on camera, if possible.

Tip: Go SLOW with the camera. A blurry image of a jam packed closet won’t do you much good, but slowly scanning through each item as you name the brand and about how much you paid is actually helpful.

Best: Pair the video (still very important) with a written inventory of all items. This can be a simple spreadsheet or a software program or app specifically designed to help you itemized all of your stuff (see if your insurance company provides one).

Itemtopia is a great app option. You can store inventories for multiple properties. Their UPC scanner is very helpful when adding new items. As a bonus, this app also keeps track of services, policies, and warranties so you have all the home related info you need in one place.

If you prefer a spreadsheet, this incredibly comprehensive template already has everything you could think of owning. Just type in how many you have and how much they cost and viola!

No matter what system you choose, the most important thing is that you’re organized and prepared if something happens to your home.

Keep It Safe

Never store your inventory list at home where it can be damaged.  That’s why online programs are a great way to keep your itemized lists and pictures safe and accessible when there is an emergency. Digital records can be stored in Dropbox or iCloud. And, if you still need a paper back-up, save those documents in a safe deposit box or secured place outside of your home.

One final note: keep your list updated! The apps make this super easy since you can scan the barcodes of every new item you buy. Make sure to refresh your video walkthroughs after major purchases (like Christmas), a home move, or at least once a year.

I know this sounds like the least fun way to spend your time. Same here. But those few hours can help you recoup thousands of dollars – and that is time well spent!