Creating a Home Contents Inventory for Insurance Purposes: A Step-by-Step Guide
Creating a Home Inventory: A Comprehensive Guide for Insurance Purposes
Maintaining an up-to-date home inventory is crucial for home and contents insurance claims in the event of a disaster. Here's a step-by-step guide on how to create a home inventory that can help you streamline insurance claims, prevent underinsurance, and substantiate the value of your items to insurers.
- List all items in your home by category (e.g., furniture, jewelry, collectibles, electronics, firearms). Include detailed descriptions of each item.
- Document essential details for each item: name, short description, estimated value or purchase price, purchase date or approximate age, and any identifying information like serial numbers or appraisals.
- Take clear photos or videos of each item to provide visual proof and support claims.
- Gather receipts, appraisals, and other proof of ownership to attach to your inventory records, especially for high-value items like jewelry or collectibles.
- Organize your inventory room-by-room or by category using a home inventory template or app to keep the information structured and easy to update.
- Regularly update the inventory, especially after big purchases or major life changes, to ensure the values and items listed remain accurate.
- Store the inventory document securely, preferably offsite or in the cloud, so it is accessible in case of disaster or loss at home.
Using pre-made templates, apps, or spreadsheets that allow you to attach photos and receipts can simplify and enhance the process. Starting small and progressively adding more details can help manage the large task of inventorying all possessions.
Remember to keep the home address out of the home inventory for privacy reasons. It's also important to research the app or website before using it to ensure privacy settings are secure.
In addition, it's advisable to chat with your insurer to discuss a higher coverage limit if needed. A home contents inventory template can be found online, with key details about the policy, a table or spreadsheet, and columns for item description, make/model, serial number, date purchased, purchase location, purchase price, warranty, condition, estimated value, photograph, and notes.
Checking the policy's Product Disclosure Statement for coverage limits of specific items (such as watches and jewellery) is recommended. The replacement value rather than the original cost should be considered when items are several years old or second-hand. The total amount of valuable items in a home may be more than anticipated after creating a complete home inventory.
Lastly, creating an online spreadsheet or using a smartphone app for a home inventory can help access records digitally. 'Underinsurance' could result in inadequate cover for home insurance or contents insurance claims. By following these steps, you can ensure that you have a comprehensive and accurate home inventory, helping you file a claim faster and preventing underinsurance.
Maintaining a home inventory, which includes items from your lifestyle such as furniture and electronics, and those related to home-and-garden like collectibles, enables you to streamline insurance claims and prevent underinsurance. Using a home inventory template, either online or via a smartphone app, helps organize your items room-by-room or by category, making it easier to update and access when needed for insurance purposes.
