Nobody ever thinks a fire is going to burn down their home, and with any luck, it won’t. But we can’t count on that.  That is why we need to take certain precautions to make sure we are as prepared as possible for those “just in case” disasters.  To be fully prepared, keep an up-to-date home inventory in a safe spot.

Replace Belongings Quickly with a Home Inventory

Can you accurately list from memory everything in your house?  Most people cannot, which is why having a home inventory is so important.  While a well-thought-out safety plan is definitely the most critical thing to have, it’s also very important to make sure you can get reimbursed for your personal possessions from your homeowners or renters insurance company.  A home inventory kept in a safe place, with receipts and purchase information if possible will ensure you get reimbursed quickly.

Home Inventory and Homeowners Insurance

If you don’t yet have a home inventory, the idea of creating one can seem overwhelming, especially if you’ve been living in your home for a long time.  While the best time to start your home inventory is when you’re just starting out in your first home or apartment, or have just moved to a new home, making a home inventory is still achievable in a home you’ve lived in for several years. Just start with one room, and move to the next.  Remember, a partial inventory is better than no inventory at all.

To start your home inventory go room to room and take note of every item you see in each room.  Try to get serial numbers for the big ticket items and write down when, where, and for what price you purchased each item.  Make sure to check closets, cupboards and storage areas and write down the items in these as well.

While some items you own have depreciated in replacement price (televisions, electronics, furniture, etc.), some items may have increased in value (such as art, jewelry or collectibles).  You may need to insure these items separately; check with your insurance agent to find out if your current policy adequately covers these valuables.

Home Inventory Video or Photos

Your home inventory can be more than just a list of your things.  To improve the home inventory, take pictures or make a video of the items in your home.  If you take pictures, write the item details on the back and if you take a video, narrate as you walk from room to room (what items are in the room, when and where you bought them and for how much).  Adding photos or videos to a home inventory can be especially helpful if items are hard to describe on paper or for items you do not have receipts for.

Keep Home Inventory in a Safe Spot

Make sure you store your home inventory list, pictures, and/or DVD or video tape in a safe spot.  While it’s a good idea to have a copy of your home inventory at home, make sure you have at least one additional copy outside your home.  If you only have one copy of the home inventory inside your home (or on your home computer) and your home burns down, that list won’t do you any good.  Store extra copies of the home inventory at a friend or family member’s house, in a safe deposit box, or at work.  If your home inventory is on your computer, make a disk or CD copy and store it elsewhere, and/or send your home inventory to yourself at work or to your web-based email account so you can access it in places other than your home.

Keep Receipts with Home Inventory for Home Insurance Claims

Many of us are not great at keeping our receipts for purchases.  But receipts will help you settle your homeowners or renters insurance claim as quickly as possible.  Make sure you keep receipts from now on, especially for big ticket items.  And remember to keep receipts (or copies of them) in a place besides your home, along with a copy of your home inventory.

You have so many valuables in your home, and you want to make sure you’ll be reimbursed for them should the unthinkable happen.  Your home inventory is the first step, the second step is having a great homeowners insurance policy.  Make sure you are getting the best homeowners insurance rate by comparing quotes from multiple companies at Donius Insurance today.