Home Inventory – Why? How? Where?
If nothing else, every fire, natural disaster, and home burglary reminds us that a home inventory is an essential tool for any renter or homeowner. Not only does it provide a record of your personal belongings, but it can also be used for insurance purposes. For starters, it helps you select the right amount of protection. In an emergency, a home inventory can help reimburse you for all your lost or damaged property. Additionally, a home inventory can help you keep track of your possessions' value over time. By regularly updating your list, you can see how your net worth has changed over the years. A home inventory is essential whether you are looking to insure your property or keep track of your belongings.
Things to keep in mind
You won't remember – When a disaster strikes, it's tough, if not impossible, to remember everything you own, the price, and when and where you bought it.
Coverage for big-ticket items – Not all policies are created the same. Make sure you double-check the coverage for expensive things you own. They might require additional coverage.
Technology is your friend – Long gone are the days of keeping each receipt and storing them off-site. Now you can have descriptions, bar codes, pictures, videos, and documents stored in the cloud and ready to present an itemized list at a moment's notice. There are plenty of inventory apps out there. You can start your search with the list below. They all have a free version and are available on Android and Apple.
You don't have to do it all at once – Creating a home inventory could be overwhelming. The best way is to add new items as you acquire them and create a regular schedule to work on your list. You could arrange the schedule by room, category, value, or a combination of options.
Keep it up to date – The importance of upkeeping your inventory can't be overstated. Think about how many new things you bought last month. Imagine how outdated it would be if you only updated it every three years. Remember to return to your inventory regularly and when you acquire an important item.
Self-storage – Are the things you store off-property covered by your insurance? Make sure to check your policy.
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