While taking a home inventory sounds like a tedious and boring task, there are several reasons why you should set aside the time to take one. Many insurance carriers recommend keeping a home inventory so you have an updated record of all your possessions. It’s a good idea to save several copies of this (think digital back-ups) since a physical list will likely be ruined or lost in the event of a claim.
1. You’ll be able to tell if you have enough coverage
Whether you are shopping for Renters Insurance for your first apartment, or have lived in the same house for years, a home inventory can validate if you have enough personal property coverage. If you tally all your property and it comes to $150,000, you now know that you need at least that much personal property coverage.
2. It saves time if you have a claim
If there is a fire in your home, or you are robbed, a detailed list of what was destroyed or stolen can make a claim less stressful. If you have valuable items such as collectibles, antiques, firearms, or jewelry, the more detail you can provide, the better.
3. The little stuff adds up
If there is a fire in your home, you’ll likely remember the large items, such as furniture, but what about the smaller items? Shoes, clothes, sports equipment, and movie collections can all add up pretty quickly. Taking a full home inventory can ensure that you will be reimbursed for everything you own.
4. Technology makes it easy
If spreadsheets scare you, don’t be alarmed. There are many methods to catalog the items in your home that don’t require hours on a computer. There are a number of smartphone apps available to download that make taking a home inventory a breeze. Another option that can document your possessions and is easy to do is recording a video. Walk through your house, and zoom in on specific items and serial numbers. If you need to file a claim, video proof can be helpful.
5. It helps clear clutter
While you are already setting aside the time to evaluate all your possessions, you can take this time to downsize and declutter any items you no longer find necessary. Maybe you have five winter jackets, and only wore two last year. Maybe you have a kitchen appliance stuffed in a cupboard that you haven’t thought of since Thanksgiving of 2003. Taking inventory can help you decide what items you want to keep, and what items you have been unnecessarily storing in your house.