Your home inventory

A home inventory can help you do several things:

· Buy the amount of insurance you need
· Get your insurance claim settled faster
· Verify losses for your income tax return
· Keep track of the belongings you’ve accumulated over the years

Getting started
There are many ways to create a home inventory. It may seem hard at first to record information about everything you have in your house, but don’t let that put you off. First, decide on a way to organize your inventory that works for you. You can do it room-by-room, category by category (furniture, electronics, etc.), from newest items to oldest or from most expensive purchases to least expensive ones.

Taking inventory
In addition, there are different approaches to making your list. You can write everything down in a notebook, for example. Or you can take pictures, writing information on the back of the photos or putting information on your computer. If you have a video camera, you can walk through your house filming and describing the contents at the same time.

Keep receipts when they are available and note the cost for the item, when you bought it and information about the make and model. Expensive items like jewelry and artwork may need to be insured separately. Ask your insurance agent whether you need a floater for your homeowner’s policy.

Store a copy of your inventory in a safe place outside of your home–with a friend or in a safe deposit box. (If your inventory is electronic, store it on a disk.) That way you’ll be sure to have something to give your insurance representative if your home is damaged. Also, whenever you make a significant purchase, remember to add the information to your inventory while the details are fresh in your mind.

Keeping important documents
It’s also important to keep a record of legal documents, such as birth certificates and passports, and financial documents, such as bank account and insurance policies.

You can also use your home inventory to record information about these papers. Note insurance policy and bank and investment account numbers along with your insurance policy contact information.

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