What is a Home Inventory, And Why is it Important?

home inventory

what is home inventory

A home inventory is a personalized assessment of your home and all contents and valuables, including a description of each item; manufacturer, model, and serial number; copies of receipts; and other forms of ownership documentation such as digital photo and video. It will provide you with a detailed report of the contents and pictures of your home.

Creating a Home Inventory is one of those daunting tasks you could go your whole life without doing, and get away with it. That is until there’s a flood or a fire, or you’re the victim of a robbery. All unpleasant and unanticipated thoughts, but all possible. And in times of such stress, how many of us would really remember all the valuable contents of our home? Especially all of the small things!

There is nothing doom and gloom about being prepared for the unthinkable – it’s being smart about what you can control by having a record of the money you’ve spent. Getting it done provides a sense of security you might not even realize you’re missing.

Think of a home inventory as a record of the money you’ve spent; a tool that helps you recover the full value of your possessions if the unthinkable does happen. With inventory in hand, you can move faster to file a claim with your insurance company – speeding processing – and you’ll have a much better chance of maintaining your lifestyle after the disaster.

To decide on your Home Inventory, consider three key factors: the amount of time you have, the estimated value of the items you own and your risk factors (e.g. home in a high crime area, on a flood plain, etc.)

13 Reasons Why Home Inventory is Important

Why Home Inventory Is Important

Would you be able to remember all the belongings you’ve accumulated over the years if they were destroyed? Even if you could, that may not be enough for your insurer when the time comes to file a claim.

Other great reasons to have an inventory done:  moving, pre-nuptial agreements, estate planning, and settlements, divorce.

Apart from this, there are many reasons for doing a home inventory:-

  1. Quickly Document your personal valuables for insurance.
  2. Save hundreds of dollars by doing your own inventory.
  3. Save hours of time over traditional methods.
  4. Calculate exactly how much insurance you need. (We find that most people are 30% to 40% underinsured.)
  5. Track where your belongings are so you can easily find stored items.
  6. Be prepared in the event of a disaster.
  7. Store pictures for easy visual reference.
  8. Findsort and view your belongings in multiple ways for any purpose.
  9. Manage to whom you loaned an item.
  10. Recall donated items for tax reporting purposes.
  11. Keep notes on any item so you will remember where it was from, who gave it to you or who has it.
  12. Print insurance reports, inventory summary reports, identification labels and more.
  13. Back up quickly with the click of a mouse.

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