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.
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. Identifying all of your items for an insurance claim can be both challenging and 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.