What is a home inventory and why do you need one?

An accurate and up-to-date home inventory can help you make sure you initially elect the right amount of insurance protection, and in the event of a loss, it can make filing a claim much simpler.

 A home inventory logs the valuables in your home and each item’s worth.

Can you write down what you had for breakfast this morning? Easy! What about dinner two nights ago? Starting to get a little fuzzy. Now, what if someone gave you a pen and asked you to write down every possession in your home AND each item’s worth? Nearly impossible.   

This is a very real scenario for someone whose home has just been burglarized, burned down or ravaged by a natural disaster. For those who just experienced a loss, trying to track all of the missing items can be frustrating. Some items are obvious, like a computer, but what about the smaller, lesser used items, like your grandma’s antique jewelry in the bedroom drawer?

To avoid this panic-inducing situation, consider making a home inventory. What’s that? A home inventory logs the valuables in your home and each item’s worth. An accurate and up-to-date home inventory can help you make sure you initially elect the right amount of insurance protection, and in the event of a loss, it can make filing a claim much simpler.

Where do you start? One way is to walk through your home and make a list the old-fashioned way via pen and paper, or you can make a log in your computer and type it out in a spreadsheet. Luckily, these days there’s also smartphone technology (like this free app) that makes this process essentially fool-proof.

Regardless of the method you choose for storing your inventory, follow these tips to maximize its usefulness:

  • Organize your belongings by room.
  • Consider taking photos – or even doing a video tour –  of your home. Get close-up shots of expensive electronics, and try to capture serial numbers when possible.
  • Store the list in a secure place. If anyone were to find it, like a thief, you’re essentially giving them the road map to your home’s valuables.
  • Compile receipts for already-purchased items if possible, and keep receipts for new items as you add them to your personal inventory. 
  • Update your inventory at least once a year – or more often if you make a major purchase.

>> At Kentucky Farm Bureau, we’re just as invested in your Old Kentucky Home as you are. We protect what’s important to you – from farms and fishing boats to minivans and mobile homes. To see a full list of products we insure, click here.