Why it is Important to Create a Home Inventory

By: Edward L. Blais, JD, CIC

If your home is struck by disaster and you’re faced with a loss, would you be able to remember all of your damaged or destroyed possessions?  This is why creating a home inventory is essential, especially when filing your insurance claim.  Having an up-to-date inventory can work to verify your losses and help determine the proper amount of coverage you need.

According to a 2012 survey from the National Association of Insurance Commissioners (NAIC), more than half of Americans do not have a home inventory of their possessions – putting them at risk for inadequate home insurance coverage, should severe weather strike.   

Developing a proper and complete home inventory is a simple process. Though it may take some time, you’ll find that, should you ever need it, you will be relieved to have one on-hand and current.

Please see below for some useful tips on how to create a comprehensive home inventory:

Document valuable items: Items such as jewelry, fine art and other collectibles may have increased in value since you received them. Check with your agent to make certain that you have adequate insurance for these items, as they may need to be insured separately.

Take photos: In addition to your list, taking pictures of these items will help secure your inventory. On the back of these photos, you should note what is shown, when and where it was purchased, the serial number, and its estimated value. Remember to not forget things that are in closets or drawers.

Videotape belongings: You could also walk through your home or apartment videotaping and describing these contents for easier documentation.

Properly store your lists/photos/videos: Keep your inventory and available receipts in your safe deposit box or at a relative's home. This way if your home is damaged, your inventory will remain secure. Remember to update the information on your inventory regularly.

If you have any questions regarding a home inventory, or other insurance related topics, one of our friendly, knowledgeable agents will be happy to speak with you.  Call Blais Insurance at 401-725-0070 today to discuss how we may help to better protect your treasured possessions.