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Whether you’re a minimalist with few possessions or have rooms overflowing with stuff, having an up-to-date home inventory can help you get back on your feet faster after a burglary, fire or other disaster.
A thorough home inventory can streamline the claims process and even help you verify losses for your income tax returns. It can also help you determine how much insurance coverage you need so you can prevent surprises.
While the prospect of building an inventory may feel daunting, there are many approaches. Begin by documenting your most valuable possessions. Note how much each item costs, when it was purchased and serial numbers, if applicable. Don’t forget the garage, basement, attic and storage shed.
Mobile apps
There are many free apps that can help you create a comprehensive list of your belongings organized by room. Two examples are Encircle (available on Android and Apple devices) or Sortly (Apple devices only). Both apps are easy to use, allowing you to upload photos of your possessions and record purchase information and serial numbers, all from your mobile device.
Paper list/spreadsheet
Maybe you started a home inventory years ago in a notebook or spreadsheet, or you just don’t want to deal with an app. Make sure there’s a copy of your inventory in a safe place – safety deposit box, lockbox, or cloud storage service (for scanned documents).
Photos/video
Take photos or a video of your possessions. Again, make sure to keep electronic copies in an easily accessible place. Photos and video you take with your phone may automatically be saved to cloud storage. Check your mobile phone plan details to be sure.
Don’t forget expensive items that may be tucked away – such as jewelry, antiques, or stamp or coin collections. You may want to add insurance endorsements for those items after getting them appraised.
Save your receipts when you make key purchases, and store them with the inventory. Take pictures or scan the receipts if you’re using electronic storage.
Add up the replacement costs for all of your items, and discuss your situation with your insurance agent to make sure you have the right insurance policy to meet your needs. Don’t forget to add new items to your inventory as soon as you purchase them.
For more information about auto and home insurance, call your AAA insurance agent or insurance customer service, or visit your local branch.